Dems look to keep tax on billionaires in spending bill

[Yo_Mama_Been_Loggin]

Top Democrats said on Sunday they are eyeing a tax on billionaires to help fund the party's multi-trillion dollar reconciliation bill, which lawmakers on Capitol Hill hope to advance this week.

House Speaker Nancy Pelosi (D-Calif.) told host Jake Tapper on CNN's "State of the Union" that the Democrats' social spending bill "probably will have a wealth tax," when asked about how the massive piece of legislation will be paid for.

Pressed by Tapper on specifics, Pelosi responded "we will see," adding that once the legislation is written and introduced the Joint Tax Committee will be tasked with evaluating it.

Democrats are eyeing a tax on people with $1 billion in assets or those who have brought in $100 million in income for three consecutive years, a person familiar with the discussions told The Wall Street Journal.

https://www.msn.com/en-us/news/politics/dems-look-to-keep-tax-on-billionaires-in-spending-bill/ar-AAPUa5A

Pelosi Says Tax on Billionaire Assets Would Pay for Only 10% of Social Spending Bill

House Speaker Nancy Pelosi said on Sunday that a wealth tax will "probably" be introduced, "but it's only 10 percent of what we need" to pay for the social spending bill being negotiated in Congress.

She said that the tax on billionaires' assets would bring around $200 billion to $250 billion in revenue over 10 years.

The tax "has an appeal, but it doesn't produce that much money...the bill is not written yet. We hope it will be written today and introduced tomorrow," she said on CNN's State of the Union. "Only then can the joint tax committee evaluate what it brings in. We anticipate $200 to $250 billion, but we need closer to $2 trillion."

The package aims to improve childcare, paid leave, Medicare, and housing and address the climate crisis among other proposals.

https://www.msn.com/en-us/news/politics/pelosi-says-tax-on-billionaire-assets-would-pay-for-only-10-of-social-spending-bill/ar-AAPU9yy

[Hoyt]

1. Surprised how little the proposed wealth tax would generate.

Less than 2 weeks of our current deficit, much less anything new.

[PBC_Democrat]

2. I'm not confident that it will raise that much ...

I think it will face serious constitutional challenges that will tie it up in the courts for 10 - 15 years before being overturned.

My preference is gradually increasing the tax on dividends until it match the regular tax rates and increasing the rate rates on extremely high earners.

Taxing unrealized wealth (which may go away) seems very unfair to me. I once had stock options worth well in 7 figures ... they ended up being far less when realized. Paying tax on money I didn't have would have very unfair. I did pay significant taxes once I actually had the money.

[Hoyt]

3. Definitely need to think about long-term impact, but not totally against.

But $25 Billion a year is almost nothing.

I am for increasing capital gains taxes, high income rates, corporate rates, and establishing a strong estate tax that also captured some appreciation.