US Senate Democrat unveils 'billionaires tax' for Biden agenda

Dhwani Mehta FXStreet

US Senate Finance Committee Chairman Ron Wyden unveiled on Wednesday; a tax proposal aimed at unrealized gains on assets held by billionaires.

Key takeaways

Billionaires tax would target about 700 taxpayers with over $1 billion in assets or $100 million in annual income for three consecutive years.

Billionaires tax would impose 23.8% capital gains rate to tradable assets including stocks.

Billionaires tax would also allow deductions for losses incurred on assets.

The so-called billionaires tax is part of a two-pronged legislative strategy that also includes a proposed 15% corporate minimum tax on the most profitable US corporations, which was unveiled on Tuesday.

Market reaction

The US dollar index has caught a fresh bid wave on worsening risk sentiment and the above announcement.

The spot was last seen trading at 93.95, reversing sharply from 93.82 lows.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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