Democrats are considering a new tax on billionaires that would help fund their proposed $3.2 trillion social spending package. Although some critics of the plan say it opens the door to tax hikes on a broader swath of Americans, the proposal would only impact taxpayers with more than $1 billion in assets, or those with incomes of more than $100 million for three consecutive years.
In all, the tax would apply to roughly 700 of the wealthiest people in the U.S.
Senate Finance Committee Chairman Ron Wyden of Oregon unveiled his billionaires income tax early Wednesday. "We expect that these billionaires, and there's something like less than 800, who made close to $2 trillion during the pandemic, would pay a tax, their fair share, every year just like nurses and firefighters," he said Tuesday.