Skip to content
Subscriber Only

Biden’s Likely Tax Wins Are Personal-Rate Hikes, Audits of Rich

  • Survey spans current, former congressional, White House aides
  • Wyden-style capital tax on unrealized gains deemed impossible
Bloomberg business news
Richest 1% in U.S. Hide 20% of Income From the IRS
Updated on

Democrats will likely prove successful in raising individual income tax rates and in strengthening audits of wealthy Americans as they work on overhauling the U.S. tax code in coming months.

That’s a key takeaway from a survey of 15 current and former White House and congressional aides specializing in tax policy completed by Bloomberg this month. A tax on unrealized capital gains, as envisioned by Senate Finance Committee Chair Ron Wyden, was deemed impossible to get through Congress, the survey showed.