Senate Democrats unveil a proposed new entry in the tax code that would raise taxes on the wealthiest Americans — fewer than 800 people, all told.
Pushing past skeptics, Senate Democrats on Wednesday unveiled a proposed new tax on billionaires designed to help pay for President Biden’s sweeping domestic policy package and edge his party closer to an overall agreement.
Biden and his party are zeroing in on at least $1.75 trillion in healthcare, child care and climate change programs, scaling back what had been a $3.5-trillion plan, as they try to wrap up negotiations this week. Rep. Richard Neal , the chairman of the Ways and Means Committee, said he told Wyden the billionaires’ tax may be more difficult to implement than the route his panel took in simply raising rates on corporations and the wealthy.
A similar billionaires’ tax would be applied to non-tradeable assets, including real estate, but it would be deferred, with the tax not assessed until the asset was sold, though interest would have to be paid. Republicans have derided the billionaires’ tax as “hare-brained,” and some have suggested it would face a legal challenge.undoing the 2017 tax cutsUnder the House bill approved by Neal’s panel, the top individual income tax rate would rise from 37% to 39.6% on those earning more than $400,000 a year, or $450,000 for couples. The corporate rate would increase from 21% to 26.5%. The bill also proposes a 3% surtax on the wealthiest Americans with adjusted income beyond $5 million a year.
The once hefty climate change strategies are losing some punch, too, shifting away from punitive measures on polluters — which raised objections from Manchin of coal state West Virginia — and toward rewarding clean-energy incentives.to go after tax scofflaws. He said he told Biden during their weekend meeting at the president’s home in Delaware that that plan was “messed up” and would allow the government to monitor bank accounts.
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