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Politico: Dems Propose 'Billionaire Tax' To Fund Social Spending

US

Politico carrying a story stating that Chair of the Senate Finance Committee Ron Wyden (D-OR) is set to propose the creation of a new tax on the super-wealthy that would be used to fund the Democrats' social spending plans.

  • The tax would apply to around the 700 wealthiest Americans, those either with over USD1bn in assets or those who have earned USD100mn per year for three consecutive years. The Billionaires Tax would see capital gains taxed charged on the appreciation of assets over the year, even if they are not sold.
  • While the plan sounds bold, the prospect of its implementation is slim. Senate Republicans would almost certainly seek to filibuster the tax, and moderates in the Democratic camp such as Joe Manchin (D-WV) and Kyrsten Sinema (D-AZ) could scupper the prospect of it passing via reconciliation.
  • There is also the matter of the US Constitution, which limits 'direct taxes' i.e. taxes levied on one individual that cannot be levied on another. The sole exception to this rule is the income tax, permitted by the 16th Amendment.
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