This new tax would apply solely to people with at least $1 billion in assets or $100 million in income for three straight years. It could include, once sold, beachfront mansions or the ownership of rare art and antiquities. Some details on the proposed billionaires tax: HOW WOULD IT WORK?Įssentially, billionaires earn the bulk of their money off their wealth. 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.īiden 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. ![]() Cancer patient says ‘I Do’ from Evergreen hospital bed during intimate ceremony
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