No surprise on this….
I mentioned that a specifically aimed tax on the rich would never get anywhere in the US Senate….
Senator’s Sanders and warren have been using for THAT for years….
It just won’t fly politically and they know it…
Small tax increase’s could make it into Biden 2 part Infrastructure Bill/Bill’s….
President Joe Biden will not call for a wealth tax to help pay for his multitrillion-dollar Build Back Better initiative, according to multiple people familiar with the White House’s thinking. In doing so, he will sidestep a proposal that progressive Democrats, led by Sen. Elizabeth Warren (D-Mass.), say would raise trillions of dollars in revenue and narrow income inequality.
The decision comes amid intense debate in Washington over how to fund the president’s sprawling package, which could top $3 trillion. Democrats are pushing for a variety of tax hikes to fund the legislation, while Republicans are vowing to oppose any package that relies on tax increases to raise revenue.
As a presidential candidate, Biden shied away from a full embrace of the wealth tax, which Warren popularized on the trail and has since introduced in Congress. The policy calls for a 2 percent annual tax on households with a net worth above $50 million, which would rise to 3 percent for those with a net worth above $1 billion…