How the US plans to tax the rich

Raising capital gains tax and closing loopholes that favour highest earners among proposals

ILLUSTRATION: ISTOCKPHOTO

(NYTIMES) - So how do you define who's wealthy?

The latest proposed tax changes from the House Ways and Means Committee essentially say a wealthy individual is someone who earns US$400,000 (S$542,000) a year or a couple with US$450,000 in annual income.

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