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.

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