Understanding Biden's proposal to tax billionaires' unrealized gains

On Point with Meghna Chakrabarti

WBUR

News, On Point, Daily, Npr, Talk Show

4.3 • 3.9K Ratings

🗓️ 13 April 2022

⏱️ 50 minutes

🔗️ Recording | iTunes | RSS

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Summary

According to the White House, billionaires in America pay income tax at a rate that’s just half that of the average worker. President Biden is proposing taxing the unrealized gains of the richest Americans — assets the wealthy haven’t yet cashed out on. Steve Rosenthal joins Meghna Chakrabarti.

Transcript

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0:48.5	Boris Pearl is a very rich man.
0:52.1	I have far more money than I need.
0:54.6	He lives in a Manhattan Park Avenue apartment and he puts his wealth in the low eight figures.
1:01.8	So you know, tens of millions of dollars.
1:04.2	Sometimes when I've been traveling, instead of even going first class and regular airplanes,
1:09.8	I've like just chartered planes to bring just me wherever I want to go.
1:14.6	More as Pearl was once a managing director at BlackRock, the largest asset manager in the
1:20.3	world and just as an aside, in December 2021, BlackRock managed a staggering $10 trillion.
1:29.5	That's trillion with a T of other people's money.
	...

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