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Democrats Clash on Billionaire Tax as Neal Rejects Senate Plan

  • Senate proposal to tax billionaires lasted less than a day
  • Lawmakers are wrangling over revenue to pay for spending bill
Richard Neal
Richard NealPhotographer: Andrew Harrer/Bloomberg
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The head of the House tax-writing committee said a proposal to put a levy on the assets of billionaires won’t be part of negotiations on President Joe Biden’s social-spending bill, injecting new uncertainty into how Democrats will pay for the president’s agenda.

Ways and Means Chair Richard Neal said Wednesday that there isn’t support for the billionaire tax to get it through Congress. He said the House is discussing with the Senate instead inclusion of a 3% surtax, on top of the top income rate, for those earning more than $10 million.