Democratic lawmakers, with President Joe Biden’s support, are drawing up details of a plan to tax billionaires and other ultra-high earners after Senator Kyrsten Sinema’s opposition to raising the rate on corporations sank a key funding component for a multitrillion-dollar social-spending package.
Senate Finance Committee Chair Ron Wyden, an Oregon Democrat, plans next week to unveil a new tax on the unrealized capital gains of the ultra wealthy, according to his office. The proposal, which has support from other Democratic lawmakers, would set the so-called billionaires’ income tax at $1 billion in annual income, or three consecutive ...
