The BIT Act May "Bite" You
Democrats just introduced the Billionaire's Income Tax (BIT) Bill and it may hurt non-billionaire farmers
The proposal is 117 pages long and here are some of the highlights (lowlights):
Billionaires and those making at least $100 million a year on a three-year average would be required to mark-to-market their tradable securities and pay applicable capital gains tax on any increase in value.
They would be allowed to carry back net capital losses related to these gains up to three years.
For non-tradable securities, an “interest” charge would be owed if and when they sell the stock. The maximum “tax” on these gains would be 49%.
