Dems’ Billionaire Tax Proposal in Chaos: Ways and Means Chair Says Plan Scrapped – Senate Finance Chair Says Tax Plan is Not Dead
The Democrats’ so-called ‘billionaire tax’ proposal introduced by Senator Wyden on Wednesday is in total chaos.
A quick recap of what this horrifying tax policy does:
-applies to taxpayers making as little as $25 million, not “billionaires”
-retroactive tax hike on assets held for decades and never sold
-49% double death tax
-backdoor repeal of Opportunity Zones, 1031 exchanges, and gift tax exclusion
To sum up:
-applies to taxpayers making as little as $25 million, not “billionaires”
-retroactive tax hike on assets held for decades and never sold
-49% double death tax
-backdoor repeal of Opportunity Zones, 1031 exchanges, and gift tax exclusionhttps://t.co/tQgPHKOJnL
— Ryan Ellis (@RyanLEllis) October 27, 2021
The chaos began when Democrat Senator Joe Manchin (WV) refused to jump on board and support the tax plan.
Because of @Sen_JoeManchin opposition, the Dem leadership and White House sources tell us that the billionaire tax is all but dead.
— Jake Sherman (@JakeSherman) October 27, 2021
Ways and Means Chair Dem Rep. Richard Neal announced the tax proposal was out of Biden’s plan.
BILLIONAIRES TAX PROPOSAL OUT OF BIDEN PLAN, DEMOCRAT NEAL SAYS
— Erik Wasson (@elwasson) October 27, 2021
Then Senator Wyden came back and said the billionaires tax is not dead.
*SENATE FINANCE CHAIRMAN WYDEN SAYS BILLIONAIRES TAX IS NOT DEAD
(Ways and Means Chair Neal had said it was out)
— Steven Dennis (@StevenTDennis) October 27, 2021
A professor at NYU’s Stern School of Business blasted Biden’s tax plan on CNBC Wednesday.
“If I were writing bad tax law, this is what it would look like,” the professor said.
VIDEO:
DEVELOPING…
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