US Senate Considers ‘Wealth Tax’ to Fund Biden’s Spending Proposals
As Democrats in Congress fight among themselves over how much of U.S. President Joe Biden’s Build Back Better social and environmental spending package to enact, disagreements over other proposals to raise tax revenue have party members proposing a novel and highly controversial “wealth tax.” Put forward by Senate Finance Committee Chairman Ron Wyden, an Oregon Democrat, the tax would force about 700 of the country’s wealthiest people to pay taxes on unrealized gains on their assets. For example, Amazon founder Jeff Bezos would be required to pay taxes on the increase in value of the shares he holds in hismore
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