Senate Dems Formally Unveil Tax Plan For Billionaires

Axios reports:

Senate Democrats on Wednesday released a billionaires’ tax proposal, designed to help support President Biden’s social spending and climate change legislation.

Sen. Ron Wyden (D-Ore.), chairman of the Senate Finance Committee, said the Billionaires Income Tax would raise “hundreds of billions of dollars” and would affect approximately 700 taxpayers who have more than $1 billion in assets or incomes of over $100 million a year.

“Under today’s tax system, [billionaires] don’t have to pay capital-gains taxes unless they sell their assets, and they can borrow against that wealth to finance their lifestyles,” the Wall Street Journal writes.

Read the full article. See the proposal here.