Biden Backs Tax On Billionaires’ Unrealized Investment Gains

(Bloomberg) -- President Joe Biden said he supports a proposal to tax billionaires for the appreciation in their investments on an annual basis, a change that would prohibit some of the richest Americans from deferring their tax bills.

The idea of a levy on unrealized appreciation is being promoted by Senate Finance Committee Chairman Ron Wyden, the Democrat in charge of compiling his chamber’s tax proposals to offset Biden’s social-spending agenda of up to $3.5 trillion. Wyden, who has been working on versions of this proposal for years, will release updated details soon, according to Ashley Schapitl, a spokeswoman for the senator.

“I support a lot of these proposals. We don’t need all of the things I support to pay for this -- but I do support that,” Biden told reporters at the White House Friday when asked about the billionaire tax. “I just think it’s about just paying your fair share, for Lord’s sake.”

Requiring investors to pay taxes annually on their unrealized gains would end a longstanding rule that says levies aren’t