EXPLAINER: What's a 'wealth tax' and how would it work?
ABC News
To help pay for his big economic and social agenda, President Joe Biden is looking to go where the big money is: billionaires
To help pay for his big economic and social agenda, President Joe Biden is looking to go where the big money is: billionaires.
Biden never endorsed an outright “wealth tax” when campaigning last year. But his more conventional proposed rate hikes on the income of large corporations and the wealthiest Americans have hit a roadblock.
That leaves a special tax on the assets, not the income, of billionaires being proposed by a Senate Democrat as a possible vehicle to help pay for child care, universal pre-kindergarten, child tax credits, family leave and environmental initiatives.
Biden has vowed that his programs will not add a penny to the deficit, which means selling to Congress and voters a tax on the wealthiest .0005% of Americans. Some details on the proposed billionaires tax:
