NEW YORK, Oct 28 ― Senior Democrats in the US Congress were at odds on Wednesday over a proposal to tax billionaires’ assets to help pay for President Joe Biden’s social and climate-change agenda, leaving it unclear if the idea had enough support to become law. The Senate’s top tax writer,...
NEW YORK, Oct 28 ― Senior Democrats in the US Congress were at odds on Wednesday over a proposal to tax billionaires’ assets to help pay for President Joe Biden’s social and climate-change agenda, leaving it unclear if the idea had enough support to become law.
Aides in Congress said the billionaires tax, affecting roughly 700 taxpayers with over US$1 billion in assets or US$100 million in annual income for three consecutive years, would impose a 23.8 per cent tax rate for long-term capital gains on tradable assets, whether or not they have been sold. It would also allow taxpayers to take deductions for losses on assets.
The billionaires tax plan was put forth after Senate moderates voiced opposition to the idea of raising corporate tax rates. Manchin and Democratic Senator Kyrsten Sinema, another centrist who has opposed various Democratic proposals, met behind closed doors with White House staffers for roughly two hours on Wednesday.
Top White House tax expert David Kamin wrote favorably about a similar proposal in 2019 while serving as a law professor. But he also noted that it could create “distortions” by encouraging a shift in investments to privately held firms.
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