Democrats’ Billionaire Tax Plan Puts About 700 People in Its Sights

Subscribe to The Global Herald in Google News

Bloomberg Quicktake: Now published this video item, entitled “Democrats’ Billionaire Tax Plan Puts About 700 People in Its Sights” – below is their description.

Senate Democrats detailed their proposed levy on billionaires, a new and logistically risky approach to taxation that lawmakers hope will help fund President Joe Biden’s social spending aimed at low- and middle-income Americans.

The plan, sponsored by Senate Finance Committee Chairman Ron Wyden, is the result of weeks of negotiations among Democrats about how to find ways to raise taxes on the wealthy that nearly every member of the party can support. Wyden is betting that fellow lawmakers — and voters — will broadly back a plan that would shift more of the tax burden to the very wealthiest.

The levy would apply to taxpayers who for three consecutive years have had assets worth at least $1 billion or have earned at least $100 million three years in a row. The thresholds mean about 700 people would be affected, according to a summary of the plan.

Bloomberg Quicktake: Now YouTube Channel

Got a comment? Leave your thoughts in the comments section, below. Please note comments are moderated before publication.


Subscribe to The Global Herald in Google News

About This Source - Bloomberg QuickTake: Now

Bloomberg L.P. is a privately held financial, software, data, and media company headquartered in Midtown Manhattan, New York City.

It was founded by Michael Bloomberg in 1981, with the help of Thomas Secunda, Duncan MacMillan, Charles Zegar, and a 12% ownership investment by Merrill Lynch.

Recent from Bloomberg QuickTake: Now:

  • Biden Lays Out Plan for Dealing with Omicron Variant
  • At Least 3 Dead in Michigan High School Shooting
  • Bolsonaro joins centrist party in reelection bid
  • In This Story: Democrats

    “Democrats” usually refers to the The Democratic Party of the United States – one of the two major political parties in the country, along with its main, historic rival, the Republican Party.

    It was founded on 8th January 1828 and has its contemporary headquarters in Washington, D.C., United States. The present leadership is Nancy Pelosi (Party leader) and Jaime Harrison (Party chair).

    2 Recent Items: Democrats

  • CrossTalk | Too far left?
  • Why Biden’s approval ratings are so low
  • Leave a Comment

    We don't require your email address, or your name, for anyone to leave a comment. If you do add an email address, you may be notified if there are replies to your comment - we won't use it for any other purpose. Please make respectful comments, which add value, and avoid personal attacks on others. Links are not allowed in comments - 99% of spam comments, attempt to post links. Please verbalise where people may find additional information - for example "visit the UN website" or "search Google for..." rather than posting a link. Comments failing to adhere to these guidelines will not be published.

    Posting....