What is a "billionaires tax," and how would it work?
CBSN
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.
The U.S. government, in what an attorney says is a "monumental admission," said last year that it caused injury to thousands of people on the Hawaiian island of Oahu when jet fuel from its storage facility leaked into the drinking water system. On Monday, thousands of military family members and locals are headed to trial seeking financial compensation.
An Arizona grand jury indicted 18 people Wednesday in the ongoing investigation into an alleged attempt to use alternate electors after the 2020 presidential election as part of a wider alleged conspiracy to falsely declare then-President Donald Trump the winner, the state's attorney general announced.