I REALLY doubt this will amount to much of anything more than publicity stunt…
I just do NOT see how will stick….
I’m sure REALLY rich people will have their accountants figure out a way to get around this if it actually getting passed….
But someone wanted it a while ago, even if another doubted her….
After months of negotiations over President Biden’s big social spending bill, congressional Democrats looking for ways to pay for it have zeroed in on America’s billionaires.
To squeeze more money from the very wealthy, they are looking toward a change in the tax code that would reinvent how the government taxes investments — at least for the few hundred richest families — and lean against the accumulation of enormous fortunes in the future.
Details of the plan remain sparse as of Monday, and negotiations over the overall spending package are fluid. But the idea from the Senate Finance Committee chairman, Ron Wyden, is essentially to apply a more stringent version of capital gains taxes on the billionaire class.
Treasury Secretary Janet Yellen said in an appearance Sunday on CNN, “It would help get at capital gains, which are an extraordinarily large part of the incomes of the wealthiest individuals, and right now escape taxation.”…
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ProPublica, the nonprofit news organization, obtained the tax returns of many ultra-wealthy people, and reported that, among other extraordinary examples, the Amazon founder Jeff Bezos saw his wealth rise by $99 billion from 2014 to 2018, while he paid $973 million in taxes in that span — less than 1 percent.
The Wyden plan would require the very wealthy — those with over $1 billion in assets or three straight years of income over $100 million — to pay taxes based on unrealized gains….
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If some version of the plan becomes law, that isn’t the only question. There would need to be rules on how the value of illiquid assets — art, for example — should be calculated, and how to handle enforcement and any exceptions.
All of which means: The discussion over what this provision would mean will not end if it becomes law. The practical implications, and fights over the details, would just be starting…..
Sen Elizabeth Warren wanted a ‘Wealth Tax’……
Her allies are relishing the moment and finding some degree of irony in the notion that the idea resembling the centerpiece of her platform might help seal the legislative legacy of her onetime rival Joe Biden.
“Biden’s agenda was about to fall apart, but Warren had a plan for that,” quipped Adam Jentleson, a former top congressional aide who supported Warren’s campaign, playing on one of her campaign slogans. “People are gravitating toward this idea because it is extremely good.”….
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It is not certain the idea will survive the next few days — or even hours — in the rush to hammer out the final outlines of a deal. But even if it falls by the wayside, Democratic leaders’ interest reflects a willingness in the party to take on the wealthy that is an echo of Warren’s message.
And some powerful Democrats see a tax on the country’s richest as a way out of their negotiating stalemate….
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Former congressman Beto O’Rourke (D-Tex.) accused Warren of being “punitive” to the very rich. Tech entrepreneur Andrew Yang said Warren’s idea has failed in other countries.
And Biden suggested that Warren would never be able to push her idea over the finish line.
“We all have good ideas,” Biden said. “The question is, who is going to be able to get it done?”….
Note…
We’re talking about this because the effort to tax Big Business is NOT gonna happen.,….
image…..The Hill
FYI….
Bloomberg
@business
Elon Musk’s soaring net worth now makes him more valuable than Exxon
Bloomberg story…