Taxes
Steven Mnuchin Sees Unintended Consequences in Billionaire Tax Plan
- He says such a tax probably wouldn’t raise as much as expected
- Ex-Treasury secretary says he doesn’t support any tax increase
Steven Mnuchin
Photographer: Patrick T. Fallon/AFP/Getty Images
This article is for subscribers only.
Former U.S. Treasury Secretary Steven Mnuchin said he was opposed to the introduction of new taxes and warned about the potential knock-on effects of a proposed levy on the super-wealthy that’s being touted by Joe Biden’s Democrats.
On Wednesday, Senate Democrats released their plans for a so-called billionaires’ tax they hope will help fund social spending aimed at low and middle-income Americans. The result of weeks of negotiations, the bill proposes taxing those who for three consecutive years have had assets worth at least $1 billion or have earned at least $100 million three years in a row.