The White House wants to close a tax loophole used by the ultra-rich
A plan to go after unrealised capital gains faces big hurdles
MOST AMERICANS want the government to impose higher taxes on the ultra-rich. Every few months or so Democratic lawmakers unveil plans for doing just that, only to stumble well before enacting them. It is not just that the wealthy can afford powerful lobbyists. The nature of their fortunes also makes them an elusive target for tax authorities. A new proposal by the Biden administration may offer a partial solution, provided it can overcome political and legal hurdles.
This article appeared in the Finance & economics section of the print edition under the headline “Before death do us part”
Finance & economics April 2nd 2022
- America’s gas frackers limber up to save Europe
- What can Russia do to sell its unwanted oil?
- India grapples with the new realities of the global oil market
- Can the Fed pull off an “immaculate disinflation”?
- Under unprecedented sanctions, how is the Russian economy faring?
- Surging food prices take a toll on poor economies
- The White House wants to close a tax loophole used by the ultra-rich
- Will dollar dominance give way to a multipolar system of currencies?
From the April 2nd 2022 edition
Discover stories from this section and more in the list of contents
Explore the editionDiscover more
The great-man theory of Wall Street
Why finance is still dominated by bold individuals
Hong Kong’s property slump may be terminal
Demographics and geopolitics will make a recovery harder
Why everyone wants to lend to weak companies
An unanticipated side-effect of Donald Trump’s election victory
American veterans now receive absurdly generous benefits
An enormous rise in disability payments may complicate debt-reduction efforts
Why Black Friday sales grow more annoying every year
Nobody is to blame. Everyone suffers
Trump wastes no time in reigniting trade wars
Canada and Mexico look likely to suffer