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Billionaire tax proposal in chaos

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Democrats’ proposal for a new billionaire’s tax to pay for Joe Biden‘s Build Back Better agenda has hit a public stumbling block just hours after the proposal was rolled out Wednesday. 

It was introduced by Senate Finance Committee Chair Ron Wyden (D-Ore) earlier today. 

Rep. Richard Neal (D-Mass), chair of the House Ways and Means Committee, said on Capitol Hill the tax is ‘out of the Biden plan.’ 

Wyden reportedly bristled at the statement. 

‘Last time I looked, the United States Senate has a say too. We’re continuing to work with members,’ Wyden said according to Business Insider.

It’s the latest in a series of inter-party divides being played out on the public stage as Democrats desperately try to hammer out a deal on Biden’s multi-trillion dollar spending initiatives this week.

The proposed tax would have hit the gains of those with more than $1 billion in assets or incomes of more than $100 million a year and will provide funding for the president’s sweeping $2 trillion social reform and climate change spending bill. 

Upon releasing the plan Wyden estimated it would affect 700 of America’s most wealthy taxpayers and bring in as much as $250 billion. 

Read more at Daily Mail

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1 COMMENT

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