.....targeting 700 wealthiest Americans as key source of revenue for spending plan
https://www.msn.com/en-us/news/politics/democrats-move-to-finalize-new-billionaire-tax-proposal-targeting-700-wealthiest-americans-as-key-source-of-revenue-for-spending-plan/ar-AAPQhXi?ocid=msedgdhp&pc=U531Jeff Stein, Mike DeBonis,The Washington Post
Senior Democrats are preparing a sweeping new tax plan that would aim to raise hundreds of billions of dollars from the fortunes of America’s roughly 700 billionaires, an abrupt shift in the party’s approach to funding a large expansion of the safety net.
For years, Democrats have argued for higher income and corporate tax rates, saying wealthy Americans and well-off companies should pay more to fund new social benefits, such as subsidized day care and paid family leave, that would primarily help working-class Americans and shrink inequality.
But even after Democrats seized control of the White House and Congress, they haven’t been able to fully coalesce around a tax and spending plan, with Sen. Kyrsten Sinema (D-Ariz.) expressing opposition to higher tax rates.
Now, an unexpected compromise appears to be emerging on the billionaire tax proposal. Senate Finance Committee Chairman Ron Wyden (D-Ore.) is drafting the plan, and senior Biden officials and other senior Democrats are cautiously optimistic that Sinema and other centrist lawmakers will support the effort, according to interviews with three congressional aides and two administration officials, who spoke on the condition of anonymity to discuss sensitive negotiations.
It is uncertain whether the plan will be backed by every Senate Democrat and almost every House Democrat, the necessary threshold for its passage.
The shifting nature of the tax legislation reflects the challenge Democrats face in trying to rebalance an American economy that most economists believe has grown increasingly unequal over the last several decades.
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