Annual Asset Taxation Of Wealthy Needs More Time, Official Says

By Alex M. Parker (June 10, 2021, 7:41 PM EDT) -- Proposals to tax wealthy individuals as their assets gain value — regardless of whether they're sold — are promising but not yet "ready for prime time," a U.S. Treasury Department official said Thursday.

Kim Clausing, deputy assistant Treasury secretary for tax policy, said President Joe Biden's proposals to increase taxation of the ultrawealthy would address concerns about inequality and could be carried out in the short term. Those proposals include hiking taxes on capital gains and taxing heirs on the unrealized gains of assets they inherit.

Other proposals, such as one from Sen. Ron Wyden, D-Ore., to tax assets' increases in value...

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