Trump James Devaney
Donald Trump slammed Democrats' proposal to tax billionaires in order to pay for their social spending bill.
After Richard Neal, House Finance Chair, said that the proposal was off the table, this is now.
Ron Wyden, Ron Wyden's Senate counterpart and the author of the proposal, said that the tax was not "dead."
On Wednesday, Donald Trump, a former president, attacked the new tax proposal by Democrats that would make billionaires of tax. He suggested that he might leave the United States in order to avoid taxation. He insists he will be staying.
"I wonder if I will be allowed to run again for president if I move to another nation." He made the statement in a statement. "No, I guess that I'll just stick with it, but most other people won't!"
Trump was referring specifically to the new tax proposal for billionaires that was introduced just hours earlier by Sen. Ron Wyden, Oregon. In an attempt to force roughly 700 billionaires to pay annual tax on their gains regardless of whether they sell or not, it would levy a 23.8% rate capital gains tax on assets such as stocks and bonds.
After criticizing the measure as punitive to highly successful people and inflexible, Sen. Joe Manchin from West Virginia threatened to repeal it. He said, "I don’t like the connotation we’re targeting different people," and floated a 15% "patriotic Tax" without further explanation.
Insider reported that this proposal would penalize Tesla CEO Elon Musk by imposing a $10 billion annual fee. Musk criticized the proposal on Twitter.
Gabriel Zucman, an economist, found that the tax could generate $500 billion and $275 billion from the 10 wealthiest billionaires. Frank Clemente (executive director of the left-leaning advocacy organization Americans for Tax Fairness) said that if the proposal was implemented, it would represent a "major structural reform to the tax code" to tax income from wealth as income from wages.
Continue the story
The proposal was presented to the House Finance Committee on Tuesday. House Finance Chair Richard Neal rejected it, telling reporters that the tax would not be used to fund the Democrats' reduced social-spending bill. Wyden, Neal's colleague, was not ready to abandon the proposal he wrote.
"I don't think it's dead!" Wyden stated to Insider that the White House supports the proposal.
This disagreement is indicative of the negotiations Democrats are going through to create a framework for their reduced bill. Arizona Senator Kyrsten Sinema has already made clear that free community college, paid family leave and medical leave, as well as an extended five year child tax credit, are all on the chopping blocks. This is a key Democratic priority in order to reverse Trump's tax cuts.
Business Insider has the original article.
