Democrats Unveil Billionaires' Tax as Biden Plan Takes Shape

Newsmax ^ | 10/27/2021 | unknown

[Blood of Tyrants]

Home | Politics Tags: Joe Biden | congress | budget | billionaire tax | biden Democrats Unveil Billionaires' Tax as Biden Plan Takes Shape ron wyden speaks to press Sen. Ron Wyden, D-Ore., speaks to reporters about a corporate minimum tax plan at the U.S. Capitol Oct. 26, 2021, in Washington, D.C. (Drew Angerer/Getty Images)

Wednesday, 27 October 2021 07:58 AM

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Pushing past skeptics, Senate Democrats on Wednesday unveiled a new billionaires’ tax proposal, an entirely new entry in the tax code designed to help pay for President Joe Biden’s sweeping domestic policy package and edge his party closer to an overall agreement.

The proposed tax would hit the gains of those with more than $1 billion in assets or incomes of more than $100 million a year, and it could begin to shore up the big social services and climate change plan Biden is racing to finish before departing this week for global summits.

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It would require those with assets of more than $1 billion, or three consecutive years of income of $100 million, to pay taxes on the gains of stocks and other tradeable assets, rather than waiting until holdings are sold.

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Manchin’s resistance may scuttle one other tax idea — a plan to give the IRS more resources to go after tax scofflaws.

[minnesota_bound]

Soros owes some $1.6 billion to the IRS which he has been fighting for years. Maybe Biden can ask him to pay up?.....