Will billionaires be able to solve America’s budget problem?

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The proposal aims to capture more of the wealth created by the soaring stock market of the last few years.

It targets the roughly 20,000 taxpayers in the US worth more than $100m.

Investor Warren Buffett, Tesla boss Elon Musk and Amazon founder Jeff Bezos would be among those affected.

Under the proposal, America’s 0.01% richest would face a minimum 20% tax on income. Crucially, it changes rules on calculating income to include gains from stocks, even if they were not sold by the investor being taxed.

“This approach means that the very wealthiest Americans pay taxes as they go, just like everyone else, and eliminates the inefficient sheltering of income for decades or generations,” the White House said.

Read more at BBC.com

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Chuck comes from a lineage of journalism. He has written for some of the webs most popular news sites. He enjoys spending time outdoors, bull riding, and collecting old vinyl records. Roll Tide!