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.
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 that much of the revenue generated by the proposal would come from taxing assets.over the details of a massive social safety net package that they plan to pass without Republican support. Moderates like Sens. Joe Manchin of West Virginia and Kyrsten Sinema of Arizona have raised concerns about previous plans to pay for the bill, among them raising the corporate tax rate.
The initial price tag for the social policy spending package was $3.5 trillion. Negotiations with Democratic centrists have pushed it below $2 trillion. The Biden administration and many progressives have long argued that billionaires should pay more in taxes, and Manchin has expressed
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