U.S. Senate Finance Committee Chair Ron Wyden (D-OR) has announced an updated version of his proposed "Billionaires Income Tax", which would apply to taxpayers with more than USD 1 billion in assets or more than USD 100 million in income for three consecutive years. A summary of the updated version includes the following:
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Taxation of gains and losses from assets like stocks
Tradable assets (assets like stocks that are easily valued on an annual basis) owned by billionaires will be ma…