Democrats Consider Billionaire Tax - The New York Times

Senator Mitt Romney, Republican from Utah and one of the richest in the chamber, said the billionaire tax was a “very bad idea” because i...


Senator Mitt Romney, Republican from Utah and one of the richest in the chamber, said the billionaire tax was a “very bad idea” because it would distort the behavior of the super rich, who would shy away from stocks, bonds and other liquid assets to hide their money in real estate, diamonds, paintings and other objects that are more difficult to value.

“People are rational beings,” he said. “They would move away from marketable assets and then turn to non-marketable assets. And that means you’re going to have a depression on things like venture capital, private equity, the stock market, and 401 (k) people. “

The new direction Democrats are taking goes beyond wealth taxation. To whip up $ 2 trillion in revenue over 10 years without a rate hike, Democrats are considering other dramatic changes. They would like tighten the rules around business partnerships that allowed wealthy companies and executives to protect their profits and income from taxes. They would limit access to the low tax rates created by the 2017 Trump tax cut for so-called “pass-through” companies that pay taxes through the personal income tax system, not the personal income tax system. corporate tax code.

And they would do tax the value of shares that companies buy back the market to raise the price of their shares, a proposition championed by Sen. Sherrod Brown, Democrat of Ohio and the Senate’s foremost union champion.

None of these measures were approved by the House Ways and Means Committee or included in the House version of the Social Policy Bill. Chairman of the Tax Editorial Board, Richard E. Neal of Massachusetts, did not drafted – or “marked out” – more conventional measures it would hit high incomes but leave the wealth of the richest Americans intact.

“We decided that the most effective way to achieve our political goals was to address the issue of tariff increases, because they were not only clear, but they were not punitive,” said Mr. Neal. , echoing criticism of some of the Senate measures. voiced by another reluctant Democrat, Senator Joe Manchin III of West Virginia.

Mr Neal said Thursday that he was “not necessarily philosophically against ‘Mr Wyden’s wealth tax,” but it has not been grossed up, and there has been no audit, and I think that’s a bit of a challenge. That’s for sure. “

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Newsrust - US Top News: Democrats Consider Billionaire Tax - The New York Times
Democrats Consider Billionaire Tax - The New York Times
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https://www.newsrust.com/2021/10/democrats-consider-billionaire-tax-new.html
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