As America struggles to contain the political gridlock over its future spending plans — the White House appears to have come up with a new way to tax billionaires that may pass this time. According to the White House, officials are looking at the idea of taxing year-end stocks and bonds type assets. These types of assets are common among wealthy people and are usually used as collateral towards loans and the like due to their often very high total values.
According to Bloomberg ‘s Billionaires Index, there are currently about 600 to 700 Americans this rule apply to. The rule would apply to those making more than $100m a year for three years in a row or anything higher or similar to that threshold. The Democratic holdout Kyrsten Sinema of AZ has not commented on the idea of a stock like annual tax as means to tax the mega rich.
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