OpinionViewpoints

Biden’s Ominous Proposed ‘Wealth Tax’ on Unrealized Gains

Save
Biden’s Ominous Proposed ‘Wealth Tax’ on Unrealized Gains
U.S. President Joe Biden delivers remarks alongside Prime Minister Lee Hsien Loong of Singapore in the East Room of the White House on March 29, 2022. Anna Moneymaker/Getty Images
Mark Hendrickson
Updated:
Commentary

To help fund his over-the-top spending proposal of $5.8 trillion in post-COVID fiscal year 2023, President Joe Biden has called for a brand new tax on wealth in addition to the current tax on income. He would tax assets that have appreciated since they were purchased.

Mark Hendrickson
Mark Hendrickson
contributor
Mark Hendrickson is an economist who retired from the faculty of Grove City College in Pennsylvania, where he remains fellow for economic and social policy at the Institute for Faith and Freedom. He is the author of several books on topics as varied as American economic history, anonymous characters in the Bible, the wealth inequality issue, and climate change, among others.
Related Topics