ABC News' Rachel Scott reports on the latest efforts from Democrats to help pay for the president’s nearly $2 trillion economic package.WASHINGTON -- House Speaker Nancy Pelosi told colleagues Wednesday that Democrats are in “pretty good shape” on President Joe Biden's sweeping domestic plan, but fresh problems emerged as a pivotal Democrat panned a new billionaires' tax to help pay for the $1.75 trillion package.
Manchin said he prefers a minimum 15% flat “patriotic tax” to ensure the wealthiest Americans don't skip out on paying any. “There’s a patriotic duty that you should be paying something to this great country,” he said. Pelosi told colleagues she would communicate later in the day on developments, according to a person who requested anonymity to discuss the speaker’s private remarks at a meeting of House Democrats.“An agreement is within arm’s length,” said Schumer, D-N.Y. “We are hopeful that we can come to a framework agreement by the end of today.”
A similar billionaires’ 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, though interest would have to be paid. “I’ve been talking about this for years,” said Sen. Elizabeth Warren, D-Mass., who campaigned for the presidency on a wealth tax, and backs Wyden’s approach. “I’ve even made billionaires cry over this.”
Democratic Rep. Richard Neal of Massachusetts, the chairman of the Ways and Means Committee, said he told Wyden the billionaires' tax may be more difficult to implement than the route his panel took in simply raising rates on corporations and the wealthy, undoing the 2017 tax cuts.
FJoeBiden fjb FJoeBiden LetsGoBrandon
So disingenuous. The ruling political class opening up a new attack surface on the middle class. Never has this government shown restraint in moving down the income ladder. It starts with him, then it’s you…every single time. AMT, income tax (which is temporary lol), etc.
Does she actually believe half of the crap she spews out on a daily basis?!
Stop spending on crap and leave us rich people alone. Besides we have ways of hiding our money, so you can’t get to it
She Robin Hood
Dilemma is unrealized gain is not income.
Absolutely!
A historical moment
Discussing how she dodged the question but beautiful how she elegantly answered it.
The laws passed are what is important. Through the rich they can still invade middle class and lower class account information as the $600 inflow outflow would allow.
Elon Musk pays no taxes and gets government contracts as well as government hand outs
Jesus. What seem to be the problem? Taxed them, and lets move on.
But yet the corrupt politicians who have million dollar net worths are excluded? My dear gawd!!!! She took that speech from the CanadianPM…just switched out ‘Canada’ with ‘US’.
Right on Dawn👍
Between those 12 names that’s only about 112 billion that still leaves trillions left to hand out so we taxpayers can easily make that up!🤪🤣😝.
What if they don't pay this money, will you put them in jail or they will leave US and close their companies with hundred thousands employee?
It’s as if reporters are representing celebrities not everyday constituents
Government = Bad Investor/Great Tax Dollar Stealers
Definitely a 'taking our ball's and going home type thing..'.. Let's face it, we ALL hate people who have seemed to be born with horse-shoe's up their ass. They are just 'those people'!! To change it = Russia.. Stalinism.... Not good. Jealousy is not good.
So in other words, come to America, work and be successful, but not too successful, because then we’ll punish you
The term”fair share” is the buzzword of those who understand business and economics least and usually pay virtually-if not literally- no income taxes themselves.
buy $TKING
Mars is tax free. It is about time the rich paid their share. this argument that they achieved, is bullshot. we all achieve but we are just not on the same playing field
talking Cock
Would be amazing if we could ever get competent people in to politics. These people are jokers
Musk? Oh yeh, sez the guy who got a half billion bailout from Obama and a $1.9B contract from NASA. Hey Elon, look over here...🖕U💩head!
I like to ask all of the 1 percent around the world How much money do they need to be happy for the rest of their lives. It’s a simple question with simple answer. I’ve answered it and it didn’t go past 40 million the rest of my wealth would be given away.
No shit?
Hey jrpsaki PressSec 1) Most billionaire wealth is stock based, NOT liquid cash: 2) The top 1% ALREADY pay 38% of inc taxes: 3) Europe replaced WT with VAT for a REASON. 4) WT would FAIL due to crashed stocks from overselling.
Funny people have no clue. The question is who do you want to control your money? You or the feds
If the spending plan cost nothing why are any taxes needed to cover it?
Nothing stopping any of those billionaires moving out of the country along with the jobs they provide.
No, they get to collect incentives and bailouts paid for with the working class' taxes and contributions. Don't you dare ask them to pay their fare share: that's SOSHALIZUM!
He is investing in our workforce by hiring people. He employs over 110,000 people and will employ more once Giga Texas comes online. Please look at the whole picture.
Truly , trickling down Philosophy has been destroying our nation. Greed and selfishness world wide oppressing the poorest…shame.
Ugh she didn’t even really answer the question
We all pay our taxes. Billionaires should too.
Media has given elonmusk too much attention. TaxTheRich Billionaires Trillionaires
Jen Psaki is amazing
Those big companies can easily move to another country
Hey, I thought of another headline for y'all: Son of people who own an emerald mine needs to shut the fuck up, details at 10.
How about they investigate the financial records and remove all government tax and financial incentives for POTUS BIDEN, HUNTER BIDEN, VP Harris, SpeakerPelosi HouseDemocrats SenateDems TheDemocrats GOP HouseGOP SenateGOP
Where exactly does Elon Musk think the government gets its money to begin with
Instead of 'highest income Americans can afford to pay a little bit more' I'd like them to start paying at least as much as I do! Bezos claims $85,000 as his salary, let's see him actually have to live on that!
He’s right. Hell just up and leave the country. Go to a country with reasonable taxes. BidenIsAFailure
EdMorrissey Just the beginning
These billionaires are spending all their money on travelling to space instead of helping to make Earth a better place for everyone. And yet Republicans insist 'trickle-down' economy work.
Tax solution to fund the new programs. How about a graduated rate on capital gains. Say for example after 100 million it goes to the full normal tax rate
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