The Biden administration is proposing a new tax on households worth more than $100 million. Tagged as a “billionaire tax,” the new levy would apply not just to ordinary income, but also to unrealized capital gains. If a wealthy person owns shares of stock and the stock is worth more today than when it was purchased, Biden wants the federal government to take 20 percent of the increase. So, what’s wrong with that?
Gregory Rehmke is a Seattle-based consultant and directs student programs for Economic Thinking.
Devon Herrick is a health economist who concentrates on issues such as consumer-driven health care, Internet-based medicine, telemedicine, medical tourism, emerging trends in retail medicine, and pharmaceutical economics.
Greg Scandlen is the founder of Consumers for Health Care Choices, a non-partisan, non-profit membership organization aimed at empowering consumers in the health care system.
Dr Thomas R. Saving, PhD is the Director of the Private Enterprise Research Center at Texas A&M University. A University Distinguished Professor of Economics at Texas A&M, he also holds the Jeff Montgomery Professorship in Economics.
Robert Sade, M.D. – Professor of Surgery (Cardiothoracic) – Medical University of South Carolina.
Andrew J. Rettenmaier, PhD is a Research Associate at the Private Enterprise Research Center at Texas A&M University.
Richard W. Rahn, PhD is a senior fellow of the Cato Institute and the Chairman of the Institute for Global Economic Growth and serves on the editorial board of the Cayman Financial Review.
Philip K. Porter, Ph.D. is a professor of economics at the University of South Florida and Director of the school’s Center for Economic Policy Analysis.
Casey Mulligan, PhD is a Professor in Economics at the University of Chicago. He is the author of The Redistribution Recession: How Labor Market Distortions Contracted the Economy (2012).