Senate Democrats are eyeing a tax on billionaires to help fund their social spending package amid pushback on income and corporate tax hikes.
As lawmakers inch closer to finalizing their social spending package, Senate Democrats are eyeing a tax on billionaires to help fund the plan.
Americans with $1 billion of wealth or those earning $100 million annually for three consecutive years may face a yearly tax on asset growth, such as stocks and bonds, regardless of when they sell.U.S. Senate Finance Committee Chairman Ron Wyden, D-Ore., questions IRS Commissioner Charles P. Rettig at a June 8, 2021 Senate Finance Committee hearing.
The proposal, called the Billionaires Income Tax, may affect roughly 700 Americans with $1 billion of wealth or earning $100 million annually for three consecutive years. Billionaires may face an annual levy on the increased value of assets, such as stocks and bonds, regardless of when they sell, known as "mark-to-market." However, investors may still write off losses every year.
The plan also addresses growth for the wealthy's non-tradeable property like real estate, including a charge for deferred gains upon sale.
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