President Biden's Budget Proposal for 2025 Includes Tax on Unrealized Gains
Thursday, 25 April 2024, 11:36
President Joe Biden's budget proposal for fiscal year 2025 introduces a tax plan to address wealth inequality.
The Biden Administration aims to boost revenues and cut spending by $4.3 trillion over the next decade.
- Biden's proposed 25% tax on unrealized gains targets high-income earners.
- The tax plan might face obstacles in the House of Representatives.
This proposal seeks to create a more equitable balance between high-earning individuals from ordinary income and those from investment income, promoting fair wealth distribution.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.