The White House wants to close a tax loophole used by the ultra-rich

MOST AMERICANS want the government to impose higher taxes on the ultra-rich. Every few months or so Democratic lawmakers unveil plans for doing just that, only to stumble well before enacting them. It is not just that the wealthy can afford powerful lobbyists. The nature of their fortunes also makes them an elusive target for tax authorities. A new proposal by the Biden administration may offer a partial solution, provided it can overcome political and legal hurdles.The idea, contained in President Joe Biden’s new budget proposal on March 28th, is that Americans worth more than $100m would pay a minimum tax of 20% on all their income, including, controversially, the appreciation of their investments. If an ultra-rich American makes a paper gain of, say, $10m on his stock portfolio in a year, he would face a liability of $2m.