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.
The wealthiest 700 Americans would face tougher tax rules and help fund President Biden’s ‘Build Back Better’ agenda under a proposal released by Senate Finance Cmte. Chair Wyden. https://t.co/TeseDNBp0E
— MSNBC (@MSNBC) October 27, 2021
Senate Democrats release the details of a proposed levy on billionaires, a new and logistically risky approach to taxation that lawmakers hope will help fund social spending aimed at low- and middle-income Americans https://t.co/oOZgICBn4p
— Bloomberg Politics (@bpolitics) October 27, 2021
— Reuters (@Reuters) October 27, 2021
Democrats say the billionaire tax could raise hundreds of billions of dollars to help offset the cost of the social spending bill, which could be $1.5 trillion. It is part of a broader framework that includes a new minimum tax on large corporations. https://t.co/ZYV3lvjdFm
— NPR (@NPR) October 27, 2021