As previously reported, Wyden said the tax would likely apply to about 700 people and generate"several hundred billion dollars" in revenue as Democrats finish ironing out the details of their social-spending package, which is expected to total at least $1.5 trillion.
Individuals qualifying for the tax will continue to be subject to it until their income and assets drop to less than 50% of the income and asset thresholds for three consecutive years, though exceptions would be allowed in the event of divorce or separation.“We have a historic opportunity with the billionaires income tax to restore fairness in our tax code, and fund critical investments in American families,” Wyden said in a statement.
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