The wealthiest 700 Americans would face tougher tax rules and help fund President Joe Biden's "Build Back Better" agenda under a proposal released Wednesday by Senate Finance Committee Chair Ron Wyden. The so-called Billionaires Income Tax would ensure that people with more than $1 billion in assets or more than $100 million in income for three consecutive years are not allowed to defer certain taxes, a move that would raise hundreds of billions of dollars annually, said Wyden, D-Ore. "There are two tax codes in America. The first is mandatory for workers who pay taxes out of every pay check. The second is voluntary for billionaires who defer paying taxes for years, if not indefinitely," Wyden said in a statement. "Two tax codes allow billionaires to use largely untaxed income from wealth to build more wealth, while working families struggle to balance the mortgage against groceries, and utilities against saving for the future." The proposal would tax financial gains from stocks but allow billionaires to take deductions for losses and carry forward losses. Real estate or business interests would not be taxed annually, Wyden said, but billionaires would still pay a capital gains tax, including an interest charge of 1.22 percent, up from 0.22 percent. Committee aides acknowledged that very few people have annual incomes that exceed $100 million and t . . . read the full article here.