Sen. Ron Wyden, the ranking Democrat on the Senate finance committee, proposes raising taxes on capital gains to the same rates as ordinary income.
Sen. Ron Wyden, the ranking Democrat on the Senate finance committee, is proposing to raise taxes on capital gains to the same rates as ordinary income.
Senator Ron Wyden, a Democrat from Oregon and ranking member of the Senate Finance Committee, makes an opening statement during a hearing with Robert Lighthizer, U.S. trade representative, not pictured, in Washington, D.C., U.S., on Tuesday, June 18, 2019.
"It's time we had a new system where everyone pays what they owe and the wealthiest Americans don't get away with paying lower average tax rates than their drivers, nannies and household workers," Wyden wrote in a report released Thursday. These new provisions would only apply to the wealthy. The new rules kick in once taxpayers earn $1 million in income or hold $10 million in eligible assets for three consecutive years. If they miss both of those thresholds for three straight years, the rules will no longer apply.In addition, the new system includes special exemptions for family farms, homes and retirement savings.
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