Wyden releases billionaires tax proposal for spending package

[mystery-ak]

Wyden releases billionaires tax proposal for spending package
By Naomi Jagoda - 10/27/21 05:00 AM EDT

Senate Finance Committee Chairman Ron Wyden (D-Ore.) on Wednesday unveiled his proposal to tax billionaires’ investment gains annually, which could become a key provision in Democrats’ social-spending package.

The proposal comes as Democrats are working to determine how to raise revenue to finance spending in the package. It’s the second major tax proposal Wyden has released in recent days, following a proposal he released Tuesday to create a minimum tax on corporate profits.

“We have a historic opportunity with the Billionaires Income Tax to restore fairness to our tax code, and fund critical investments in American families,” Wyden said in a statement.


Wyden’s proposal is aimed at preventing billionaires from avoiding taxes. Currently, people don’t have to pay taxes on investment gains until they sell the assets.

Wyden’s office said it expects that the proposal would raise hundreds of billions of dollars in revenue.

more
https://thehill.com/policy/finance/578640-wyden-releases-billionaires-tax-proposal-for-spending-package

[EdinVA]

So the fedgov spend $1 billion every 2.5 hours.... and it takes 10 years to get that back and we are excited?
How sill this impact the $250,000 exemption for real estate sales?  Have been looking but have not found anything yet...

[Killer Clouds]

Wyden’s proposal is aimed at preventing billionaires from avoiding taxes. Currently, people don’t have to pay taxes on investment gains until they sell the assets.

The reason you don't pay taxes on investment gains until the assets are sold is because you don't know if it's a profit or loss until then. DCP disciples have no idea how business works. They also have no idea what the meaning of fair is.

[EdinVA]

The reason you don't pay taxes on investment gains until the assets are sold is because you don't know if it's a profit or loss until then. DCP disciples have no idea how business works. They also have no idea what the meaning of fair is.

Spot on, except they do have a meaning of fair, it just does not match ours...

[IsailedawayfromFR]

I'd look at the fine print.

Somewhere in there it may be saying "If we do not get enough taxes out of those worth a billion dollars, we will lower the threshold to $40,000.