– Data Covid-19 USA – A dispute between Ron Wyden, the Democratic Senate Finance Committee chairman, and his hedge fund-manager son illustrates how the merely rich help the fabulously rich resist tax increases.
– Data Covid-19 USA – The package includes $400 billion to bolster support for children and families, $555 billion for climate change programs and $166 billion in housing aid.
Budget experts say true cost of legislation could be $4 trillion as lawmakers rely on sleights of hand to bring down the price tag.
As the Group of 20 seals a new global minimum tax for companies, the president has scaled back his plans to tax U.S. corporations more.
One by one, tax proposals that would have slowed dynastic wealth have been tossed from the agreement.
The proposal to fund the president’s sprawling spending plan mostly turns up the dial on more conventional tax policies, while trying to curb maneuvers that allow tax avoidance.
Lawmakers are racing to finalize legislation to pay for new spending initiatives. The process usually takes months, but they are trying to do it in days.
The plan stakes out new territory by putting levies on unrealized gains in the value of billionaires’ liquid assets, such as stocks, bonds and cash.
New proposals would fund social and climate programs by tapping billionaires’ unrealized gains and by ensuring that the biggest companies cannot avoid income taxes altogether.
Democrats are homing in on unrealized capital gains raises as a way to help fund their social spending bill.
By enabling resistance to lawful taxation, Republicans are undermining democracy.