November 9, 2023
Senate Finance Committee holds hearing on high-income individuals
The November 9 Senate Finance Committee hearing, "Examining How the Tax Code Affects High-Income Individuals and Tax Planning Strategies," largely focused on the disparity in taxation of work income versus investment income and proposals for mark to market taxation of capital gains, which have long been areas of focus for Chairman Ron Wyden (D-OR). Chairman Wyden has sponsored a Billionaire's Tax under which tradable assets like stocks would be marked-to-market every year and billionaires would pay tax on gain and take deductions for losses on tradable assets annually. President Biden's FY2024 budget also proposed a Billionaire's Tax. There was also some scrutiny of efforts to roll back TCJA tax changes for businesses.
Additional information is available in the attached Tax Alert.
Hearing on high-income individuals