Online Posts Misrepresent Biden’s Proposed Tax on Unrealized Capital Gains

President Joe Biden’s budget proposal for fiscal year 2025 calls for collecting taxes on unrealized capital gains for those who have a net worth of more than $100 million. Unrealized capital gains are earnings on investments that haven’t been sold yet.

The proposal would impose a minimum 25% income tax, including on unrealized capital gains, for people in that high-wealth group.

“Billionaires make their money in ways that are often taxed at lower rates than ordinary wage income, or sometimes not taxed at all, thanks to giant loopholes and tax preferences that disproportionately benefit the wealthiest taxpayers,”...