Democrats, led by Senate Finance Committee chairman Ron Wyden of Oregon, are hammering out the details of a proposed “billionaires tax.” The plan would tax the unrealized capital gains of people who hold $1 billion in assets or have earned $100 million or more in income for three years, and focus only on publicly traded assets. That narrow emphasis means only about 745 people would be affected.
Already, billionaires and their defenders are whipping up a frenzy about this proposed tax, claiming it’s too radical. Please. America’s billionaires saw their collective wealth increase by $2.1 trillion during the pandemic — a 70 percent increase. Elon Musk saw his wealth jump by $36.2 billion in a single day this week, a new record. Yet their tax obligations have barely budged, and some of the richest men in the country have gotten away with paying $0 in federal income taxes over the years.
What’s really radical here is allowing this staggering inequality to continue. If you can add over $30 billion to your net worth in one day, surely you can afford to pay your fair share in taxes. This billionaires tax is sorely needed. – Via Robert Reich FB
Chris Coons has already proposed a compromise wherein billionaires still pay zero, but working single parents pay more. Other wise…S0cILisM!!