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Top House tax writer says billionaires' proposal out of Biden plan -Bloomberg

EconomyOct 27, 2021 03:21PM ET
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© Reuters. FILE PHOTO: U.S. House Ways and Means Committee Chairman Richard Neal (D-MA) speaks to reporters as House Democrats hold a news conference ahead of the final House passage of the Biden administration's $1.9 trillion coronavirus disease (COVID-19) relief b

WASHINGTON (Reuters) - A proposal to tax the assets of billionaires is now out of consideration as a way to pay for President Joe Biden's social spending and climate plan, U.S. House Ways and Means Chairman Richard Neal said on Wednesday, according to Bloomberg News.

House lawmakers are instead discussing a 3% surtax - on top of the top income rate - for those earning more than $10 million, Neal said, according to Bloomberg.

Top House tax writer says billionaires' proposal out of Biden plan -Bloomberg
 

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Comments (5)
Me comment
Me comment Oct 27, 2021 5:18PM ET
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How about a 3% surtax on any income earned by those who vote republican, anti-vaxers or who are anti-abortion.
Lesko Brandon
Lesko Brandon Oct 27, 2021 3:53PM ET
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Billionaires win again....you leftists are ignorant do not understand the difference between "income" and "wealth". The reason why billionaires have you all marching the streets pushing socialism is they make their billions not through income, but through currency devaluation and government subsidization of industry (like the $3.5 trillion pork projects democrats are pushing). There is a reason these rich politicians, celebrities, and billionaires want you to "tax the rich", because in the end the only people it hurts is the lower/middle class through inflation/cost of living rises while their investments continue to prosper more than ever. Cost of living up, inflation 5.4%, supply chain issues, millions out of work, gas prices up, etc...meanwhile Wall Street at all time highs.
Lesko Brandon
Lesko Brandon Oct 27, 2021 3:53PM ET
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And anybody who think that these proposals are only going to be used to go after the "billionaires" is completely ignorant. Biden wants to give the IRS $80 trillion of additional funding and they want the IRS to have the ability to spy on everybody's bank accounts. This is not how you just go after 700 people and expect them all to pick up the tab on $3.5 trillion of spending. Again, these billionaires do not care about tax, they care about inflation transferring wealth into their investments/pockets. And they can easily just offshore their assets, like taxpayer who move out of blue states like New York and California.
Connecticut Yankee
A_Jaundiced_Eye Oct 27, 2021 3:53PM ET
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"Tax the Rich" is always only step #1.  These taxes never bring in as much as predicted, so step #2 is to lower the threshold: initially, it's going to be only billionaires, but give it two years and it will be "almost billionaires." And on & on...
Felipe Daniel
Felipe Daniel Oct 27, 2021 3:48PM ET
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Democrats helping billionaires nothing new Soros loves it
Me comment
Me comment Oct 27, 2021 3:48PM ET
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Democrats were not the ones who cut the top income tax rate in 2019 or the corporate tax rate which both made more billionaires.
Connecticut Yankee
A_Jaundiced_Eye Oct 27, 2021 3:42PM ET
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How about a 100% tax on politicians who don't know ***they're doing ? How about that ? That should raise some money.
Ernie Keebler
Ernie Keebler Oct 27, 2021 3:34PM ET
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3% of nothing should add up quickly because we know most wealthy pay little if any tax
 
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