Senate Democrats on Wednesday unveiled a new billionaires’ tax proposal designed to help pay for President Joe Biden’s sweeping domestic policy package.
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 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.
Taken together, the new tax on billionaires and the 15% corporate minimum tax are designed to fulfill Biden's desire for the wealthy and big business to pay their "fair share." They also fit his promise that no new taxes hit those earning less than $400,000 a year, or $450,000 for couples. Biden insists all the new spending will be fully paid for and not piled onto the national debt.
It would require those with assets of more than $1 billion, or three consecutive years of income of $100 million, to pay taxes on the gains of stocks and other tradeable assets, rather than waiting until holdings are sold. Republicans have derided the billionaires' tax as "harebrained," and some have suggested it would face a legal challenge.
That was also forcing difficult reductions, if not the outright elimination, of policy priorities — from paid family leave to child care to dental, vision and hearing aid benefits for seniors.
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