Senator Wyden Proposes Billionaire Income Tax Update
US Senator Ron Wyden (D-OR), chairman of the Senate Finance Committee, released an updated version of the billionaire income tax, which he said would ensure billionaires pay taxes every year.
“There are two tax codes in America,” Wyden said. “The first is mandatory for workers who pay taxes on every paycheck. The second is voluntary for billionaires who delay paying taxes for years or even indefinitely. Two tax codes allow billionaires to use largely untaxed income from wealth to build more wealth as working families struggle to balance the mortgage against groceries and utilities at home. savings for the future.
The proposal would apply to taxpayers with more than $ 1 billion in assets or more than $ 100 million in income for three consecutive years.
According to the plan, marketable assets such as stocks would be marked-to-market each year, and billionaires would pay taxes on gains and benefit from deductions for losses on marketable assets each year.
“For too long billionaires have played with a different set of rules that allow them to trick the system and pay nothing in taxes,” said Senator Elizabeth Warren (D-MA). “Congress now has the historic opportunity to resolve this problem. The billionaire income tax is an important step in cracking down on tax evasion schemes and loopholes to ensure that the richest Americans pay what they owe. It is time for a fairer tax system that generates income for much needed investments in our infrastructure and our economy.