What To Know About The Billionaire Tax
Here’s what you should know…
As Democrats try to figure out how they can fund President Biden’s social spending package, Senate Finance Committee Chairman Ron Wyden, D-Ore., has just unveiled a bill being called the “Billionaire tax” with could fund Biden’s spending plan.
Any Americans with more than $1 billion dollars of wealth or greater or those who earn $100 million in gross income for three years in a row could be forced to pay the new tax.
According to CNBC, it appears that this bill could die even before it passes because it will likely face intense legal challenges and also could be viewed as unconstitutional.
“Invalidating the billionaire mark-to-market tax would not be shocking,” said University of Chicago Law School professor Daniel Hemel. “There are plausible arguments that the [Supreme Court] Justices could make with a straight face.”
Other arguments could be made that it would be difficult to value a billionaire’s worth due to the value of his or her properties constantly fluctuating year-to-year for example.
Senator Bernie Sanders appears to endorse the billionaire tax:
The average billionaire in America today has a lower tax rate than the average worker. Does that seem acceptable to you?
— Bernie Sanders (@BernieSanders) October 22, 2021
