Sec. Yellen: ‘The President’s Budget Would Impose a Minimum Tax of 25% on Total Income, Inclusive of Unrealized Capital Gains’

EXCERPT:

YELLEN: “The president's budget would impose a minimum tax of 25 percent on total income, inclusive of unrealized capital gains. It would apply to the wealthiest 100th of a percent of taxpayers with more than $100 million in wealth. And the proposal would put an end to this situation that exists today, in which wealthy households, as you noted, borrow against their wealth, they use that borrowed wealth to finance lavish lifestyle, while at the same time reporting that their wealth generates little or no income for tax purposes.”