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Accountancy Slice
North America
A group of Senate Democrats and independents have introduced the Billionaires Income Tax Act, a bill aimed at curbing tax breaks for billionaires. The legislation, introduced by Senate Finance Committee Chairman Ron Wyden (D-OR), would amend the Tax Code to eliminate tax loopholes that allow billionaires to defer tax indefinitely through planning strategies such as ''buy, borrow, die,'' and modify over 30 tax provisions so billionaires are required to pay taxes annually, and for other purposes. The bill would apply to approximately 700 taxpayers and raise hundreds of billions of dollars, which could be used to support programs like Social Security and Medicare. Provisions of the bill include taxation of gains and losses from assets like stocks, as well as a deferral charge on gains from nontradeable assets such as real estate.
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