All along the Biden administration has been saying they’re trying to tax the rich, not the poor, with their attempt to get banks to report $600 deposits.
Now, there may actually be a billionaires tax.
Democrats are trying to find ways to pay for Biden’s social spending plan, and Senator Kyrsten Sinema said she would not support raising certain taxes on corporations or wealthy people.
Now, Democrats need to find that $800 billion somewhere else. This may be simply by taxing billionaires.
The proposal is still being worked out, and the tax would apply to individuals with a net worth of $1 billion dollars or three consecutive years of $100 million dollars.
The estimate is that 700-800 people make up that population in America.
The law would require a tax to be paid on investments made by wealthy individuals. Right now they only pay taxes on capital gains.
Voters among both parties appear to be supportive of this proposal and it goes along with Biden’s earlier promises at attempting to tax the rich.