Democrats Set to Unveil Billionaire Levy in Bid for Tax Deal
- Tax would target unrealized capital gains of ultra wealthy
- Several other elements of broader economic plan still in flux
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Senate Finance Chair Ron Wyden aims soon to unveil the details of a so-called billionaires’ tax, potentially a linchpin in the attempt by Democrats to transform President Joe Biden’s economic agenda into legislation.
The tax intended to hit the unrealized capital gains of the ultra wealthy has emerged as an alternative to raising revenue by increasing income tax rates on top earners and corporations. Wyden Tuesday evening released a plan for a new minimum corporate tax that would also help fill the revenue needs to offset a major expansion of social spending.