A Guide to Democrats’ Plans to Tax the Rich More
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The U.S. Democratic Party, pulled to the left by its self-described progressive wing, is percolating with ideas on how to make the richest Americans pay more in taxes. Ideas include higher income-tax rates on the biggest earners, higher capital gain levies and more taxes on real-estate investors. The issue, which echoes debates in other economies around the world, is arising as a major schism between Democrats and President Donald Trump, who is seeking a second term in November and says cutting taxes for all Americans was a major achievement of his presidency so far.
They can be divided into six categories. Former Vice President Joe Biden, Trump’s Democratic challenger in the November election, subscribes to four of them: