![]() House Speaker Nancy Pelosi, D-Calif., estimated on CNN Sunday that the tax would raise $200 billion to $250 billion. During the first year of the proposed tax, the billionaires would also owe taxes on any built-in gains that predate the tax. Under current law, those assets get taxed only when they are sold.īillionaires would also face an additional tax on nontradeable assets such as real estate and business interests once those assets are sold. They would be taxed on any increases in value and take deductions on losses. On tradeable items such as stocks, billionaires would still pay a tax even if they held on to the asset. These standards mean that just 700 taxpayers would face the additional tax on increases to their wealth, according to a description obtained by The Associated Press of the proposal of by the chairman of the Senate Finance Committee, Sen. This new tax would apply solely to people with at least $1 billion in assets or $100 million in income for three straight years. It could include, once sold, beachfront mansions or the ownership of rare art and antiquities. Some details on the proposed billionaires tax: How would it work?Įssentially, billionaires earn the bulk of their money off their wealth. READ MORE: Pelosi expresses optimism over Biden plan, infrastructure billīiden has pledged that his programs will not add a penny to the deficit, which means selling to Congress and voters a tax on the wealthiest. ![]() That leaves a special tax on the assets, not the income, of billionaires being proposed by a Senate Democrat as a possible way to help pay for child care, universal prekindergarten, child tax credits, family leave and environmental initiatives. ![]() But his more conventional proposed rate increases on the income of large corporations and the wealthiest Americans have hit a roadblock. ![]() To help pay for his big economic and social agenda, President Joe Biden is looking to go where the big money is: billionaires.īiden never endorsed an outright “wealth tax” when he campaigned for the White House last year. ![]()
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