Biden’s Billionaire Tax Is Neither Constitutional Nor Defendable

Biden’s Billionaire Tax Is Neither Constitutional Nor Defendable
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Hank Adler
Updated:
Commentary
The Biden budget proposal includes a “billionaire tax.” On Dec. 31, 2023, taxpayers with over $100 million in net worth would be subject to a 20 percent minimum tax on unrealized appreciation on all their assets. Future years would see additional minimum taxes on subsequent unrealized gains.
Hank Adler
Hank Adler
Author
Mr. Hank Adler is the Burra Executive Professor of Accounting at Chapman University. He was in public accounting for almost thirty-four years, the last twenty as a partner at Deloitte & Touche.
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