Joe Biden, Politics, Business, Congress, Child Care, Social Services

Joe Biden, Politics

Billionaire tax hits critics as Biden pushes for budget deal

The Democrats’ idea for a new billionaires’ tax to help pay for President Biden’s social services and climate change plan is quickly running into criticism - even within the party.

10/26/2021 7:31:00 AM

The Democrats’ idea for a new billionaires’ tax to help pay for President Biden’s social services and climate change plan is quickly running into criticism - even within the party.

WASHINGTON (AP) — The Democrats' idea for a new billionaires’ tax to help pay for President Joe Biden 's social services and climate change plan quickly ran into criticism as too cumbersome with some lawmakers preferring the original plan of simply raising the top tax rates on corporations and the wealthy.

who told reporters he supported new ways to ensure the wealthy to pay their “fair share.”Democrats on the Senate Finance Committee, led by Sen. Ron Wyden of Oregon, are prepared to roll out the tax revenue plan in a matter of days. It is likely to include other revenue-raising tax measures, including a plan to beef up the IRS to go after tax scofflaws.

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ADVERTISEMENT“Here’s the heart of it: Americans read over the last few months that billionaires were paying little or no taxes for years on end,” Wyden said at the Capitol.The billionaires’ tax is being modeled on a 2019 bill from Wyden to treat assets as income. Another idea, up to a 3% ultra-rich surtax, has been proposed by Sen. Elizabeth Warren, D-Mass.

Under Wyden’s emerging plan, the billionaires’ tax would hit the wealthiest of Americans, fewer than 1,000 people. It would require those with assets of more than $1 billion, or three-years consecutive income of $100 million, to pay taxes on the gains of stocks and other tradeable assets, rather than waiting until holdings are sold.

A similar billionaire’s tax would be applied to non-tradeable assets, including real estate, but it would be deferred with the tax not assessed until the asset was sold.Overall, the billionaires’ tax rate has not been set, but it is expected to be at least the 20% capital gains rate. Democrats have said it could raise $200 billion in revenue that could help fund Biden’s package over 10 years.

Senate Republican leader Mitch McConnell called it a “hare-brained scheme” and warned of revenue drying up during downturns. Some Republicans indicated such a tax plan could be challenged in court.But key fellow Democrats are also raising concerns, saying the idea of simply undoing the 2017 tax cuts by hiking top rates was more straightforward and transparent.

Under theHouse’s billfrom the Ways and Means Committee, the top individual income tax rate would rise from 37% to 39.6%, on those earning more than $400,000, or $450,000 for couples. The corporate rate would increase from 21% to 26.5%. The bill also proposed a 3% surtax on wealthier Americans with adjusted income beyond $5 million a year.

The panel’s chairman, Rep. Richard Neal, D-N.J., said he told Wyden in a discussion Monday that the implementation of the senator’s proposed billionaire’s plan is “a bit more challenging.”Neal suggested that the House’s proposal was off the table despite Sinema’s objections. In fact, he said, “our plan looks better every day.”

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Once Democrats agree to the tax proposals, they can assess how much is funding available for Biden’s overall package to expand health care, child care and other climate change programs.Democrats were hoping Biden could cite major accomplishments to world leaders later this week. They are also facing an Oct. 31 deadline to pass a related $1 trillion bipartisan infrastructure package of roads, broadband and other public works before routine federal transportation funds expire.

“We need to get this done,” Biden said in remarks at a New Jersey transit center.After months of start-and-stop negotiations, Biden’s overall package is now being eyed as at least $1.75 trillion. But it could still climb considerably higher, according to a second person who insisted on anonymity to discuss the private talks.

Biden huddled with the conservative West Virginia Democrat Manchin and Senate Majority Leader Chuck Schumer at the president’s Delaware home on Sunday as they work on resolving the disputes between centrists and progressives that have stalled the bill.

Disputes remain over far-reaching investments, including plans to expand Medicare coverage with dental, vision and hearing aid benefits for seniors; child care assistance; free pre-kindergarten; and a new program of four-weeks paid family leave.House Speaker Nancy Pelosi said expected an agreement by week’s end, paving the way for a House vote on the $1 trillion bipartisan infrastructure bill. The Senate had approved that over the summer, but the measure stalled during deliberations on the broader Biden bill.

But Rep. Pramila Jayapal, D-Wash., the chair of the Congressional Progressive Caucus whose support will be crucial for both bills, said lawmakers want more than just a framework for Biden’s plan before they give their votes for the smaller infrastructure package.

“We want the whole bill,” Jayapal told The Associated Press. “We want to vote on both bills at the same time.”___Associated Press writers Farnoush Amiri, Hope Yen and Colleen Long contributed to this report. Read more: The Associated Press »

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Billionaires and corps should be , “yes sir , anything you want ! A couple of yrs ?! Sure !” The whole thing has fallen apart. They have stripped away any valuable parts and it’s just a shell of what it was. Time to start over. Tax. The. Rich. The new tax plan isn’t too complicated. Tax owed 2020 - $0. Tax for 2021 - $X,XXX.XX. So simple.

Because they're afraid their tax rate will go up, they have gotten wealthy off the $400,000 and less backs This is why America needs a third party. Won’t happen. Enjoy! Then no one should pay or everyone pays All critics are rich people who would be affected by it. Both parties hate poor people and want you to die! Amerikkka

When billionaires have foisted their tax responsibilities on the rest of us we are not interested in the critics of the plan to restore tax fairness. 700 people. A tax on 700 obscenely rich people is controversial? In an era of extreme income inequality? Are we supposed to take this reporting seriously?

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Why would they be “critics”? I just don’t understand why this is so controversial. The rich paying their fair share is not something the average citizen is opposed to. Thank Sinema for this latest mess. Rolling back a few of the Trump tax cuts just wasn't doable for her. Only people that agree with something like this new tax are people that are bitter about their life’s financial situation.

Eat the rich Tax the corporations to pay their fair share and close loop holes for the rich. Dems in Congress: You guys remember Obama’s first two years when the Dems couldn’t pass any meaningful legislation and so they lost majority power after the midterms? Let’s do that again! The tax on assets is unworkable and taxing businesses 15% regardless of profit is insanity - 15% of what? 🤦🏻‍♂️

I love our planet but can we maybe fix homelessness and hunger before spending billions on climate? Stupid idea & will NEVER raise the revenue they need - totally stupid!

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EatTheRich It’s a moronic concept. WHY IS TAXING PEOPLE WITH 1 BILLION DOLLARS CONTROVERSIAL?! 'Justice and Equality prevailed and such a system of justice was formed that the rest of the world became surprised' - Muhammad Qasim has seen the era of Peace amongst Muslims. He is the awaited Iman Al-Mahdi.

The problem with a wealth tax is that after a few years, you no longer have wealth to tax. Let me guess who is doing the 'criticism'........billionaires? Because all these politicians are rich millionaires The US has 2 Gerrymanders; one pushed by the GOP where some people's votes are worth more because of statehood and skin colour. The second, supported by some Democrats, the 'billionaire large corporate Gerrymander' where these assholes (some don't even vote) impose their greed.

Someone missed the memo on them becoming the party of the rich.

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The REAL enemies of the state. Ultimate proof that its 10 million votes per billionaire to 1 vote per person; close down the TRUST and NGO loopholes so they cannot use them for personal use. Its a one-liner. Well duh... Even Democrats can be bought or intimidated. Republicans are just much happier about it.. Billionaires weren't just going to let this happen easily

Of course it is…..The rich never wants to pay their fair share,they have however,no problem paying political bribes aka donations. Pfft! Finding out that taxing billionaires is much harder than it sounds. First problem is they have all the money. Second they have more money than everyone else. Third problem, refer to problems 1 and 2.

Name them. Didn’t Elon Musks net worth just jump like $26 billion today? Oh the irony. Imagine that OMG. This is why TheDemocrats lose elections. You 👏 work 👏 for 👏 the 👏 people. 👏 You 👏 don’t 👏 work 👏 for 👏 the 👏 lobbyists 👏 that 👏 line 👏 your 👏 pockets. DNC harrisonjaime will always have to fight for rights because they don’t know how to be team players. Work together build a big foundation then work on individuals wish list.

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