Democrats Unveil Billionaires’ Tax As Biden Plan Takes Shape

2
>>Follow Matzav On Whatsapp!<<

Pushing past skeptics, Senate Democrats on Wednesday unveiled a new billionaires’ tax proposal, an entirely new entry in the tax code designed to help pay for President Joe Biden’s sweeping domestic policy package and edge his party closer to an overall agreement.

The proposed tax would hit the gains of those with more than $1 billion in assets or incomes of more than $100 million a year, and it could begin to shore up the big social services and climate change plan Biden is racing to finish before departing this week for global summits.

The new billionaires’ proposal, coupled with a new 15% corporate minimum tax, would provide alternative revenue sources that Biden needs to win over one key Democrat, Sen. Kyrsten Sinema of Arizona, who had rejected the party’s earlier idea of reversing the Trump-era tax breaks on corporations and the wealthy to raise revenue.

Biden met late Tuesday evening with Sinema and another Democrat holdout, Sen. Joe Manchin of West Virginia, at the White House.

Read more at NEWSMAX.

{Matzav.com}


2 COMMENTS

  1. What others are reporting is that this tax is on unrealized gains. That means that you are paying taxes on money you might have earned if the investment earned money, but it’s all speculation. How do you know if your investment will make money and how much money it will make. I’d rather speculate on becoming black, 7 feet 6 inches tall and the NBA most valuable player (not happening by the way, silly genetics). Time to go back to if you can’t afford it, either save or move onto an alternative.

LEAVE A REPLY

Please enter your comment!
Please enter your name here