Taxing Billionaires to Pay for Biden’s Agenda: What to Know About the Democrats’ Plan
Democrats are racing to decorativeness penning a caller taxation connected billionaires’ unrealized superior gains
Part of the Democratic program calls for an enlargement of the Internal Revenue Service that would springiness it a sharper absorption connected auditing apical earners.
Photo: Gabriella Demczuk for The Wall Street JournalUpdated Oct. 25, 2021 3:03 p.m. ET
WASHINGTON—Democrats are considering a caller taxation connected billionaires to assistance wage for President Biden’s agenda.
The taxation would assistance rise wealth to wage for spending proposals, including expanded kid taxation recognition and climate-change policies. While Mr. Biden didn’t enactment the thought during the 2020 campaign, helium turned to it aft a antithetic capital-gains taxation alteration failed to get capable enactment among immoderate legislature Democrats and aft Sen. Kyrsten Sinema (D., Ariz.) objected to different tax-rate increases.
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