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Democrats’ Billionaire Tax Plan Puts About 700 People in Its Sights

Updated on
  • Billionaires would pay 23.8% on unrealized capital gains
  • Democrats hope to gain support for tax in Biden agenda
Democrats Aim to Fund Biden Spending Plan With Billionaire Tax

Senate Democrats detailed their proposed levy on billionaires, a new and logistically risky approach to taxation that lawmakers hope will help fund President Joe Biden’s social spending aimed at low- and middle-income Americans.

The plan, sponsored by Senate Finance Committee Chairman Ron Wyden, is the result of weeks of negotiations among Democrats about how to find ways to raise taxes on the wealthy that nearly every member of the party can support. Wyden is betting that fellow lawmakers -- and voters -- will broadly back a plan that would shift more of the tax burden to the very wealthiest.