Sumary of Why Democrats' new plan to tax the wealthy still isn't the wealth tax the public overwhelmingly wants it to be:
- House Democrats’ plan to tax the rich isn’t quite the wealth tax progressives have long championed.
- House Democrats are targeting the wealthy to pay for their massive infrastructure package.
- Americans itching to tax the rich shouldn’t get too excited.
- On Monday, House Democrats unveiled a plan that would raise $2.9 trillion in revenue for their massive social spending bill, largely by raising taxes on the wealthiest Americans and corporations.
- “The wealth tax is not something that a bunch of politicians sit around and think, ‘Great idea,’ Senator Elizabeth Warren told reporters on Tuesday.
- Elizabeth Warren has championed, there are key differences that suggest it may not go as far as some Democrats want in ensuring the wealthy pay their fair share.
- This allows the wealthy to park cash in other assets like stocks and bonds— which is part of a household’s net worth that Warren has proposed to tax.
- “It’s like adding another bracket that’s 3 percentage points higher than the top rate that it’s proposed that they’d pay,” Frank Clemente, executive director at the left-leaning advocacy group Americans for Tax Fairness, told Insider of the Democrats’ plan.