But the US president abandoned plans for a “billionaire tax,” which would have seen America’s 745 billionaires pay 23.8 per cent on the value of their unsold shares.
Instead, he targeted individuals earning $10 million or more with the five per cent extra tax, rising to eight per cent for those with incomes of over $25 million.
His plan was similar to the “wealth tax” proposed by left-wing senator Elizabeth Warren last year, which was rejected at the time as too radical by many Democrats, including Mr Biden.
Details matter, no? So, which tax is it? Income tax? Then it’s not the billionaires who will be paying, is it? But if it’s on income then it’s not the wealth tax. So, could it be just a raise in the CGT rate?