![]() ![]() Random individuals, whatever amount of money they have, don’t get to decide where the money goes. What’s more, they are, in a way, objecting to the core idea of taxes, which is that it’s money used by the government as the government sees fit, ideally for the benefit of broader society. The details of the reconciliation bill are still in flux, but mainly, the money would be directed toward social spending, such as universal pre-K and housing assistance, and climate. Plus, they say, they don’t know what the money would go to anyway. They say their money is better off with them than with the federal government. Some billionaires, predictably, have all week been sounding the alarm about raising their taxes, especially amid chatter of Wyden’s billionaires tax. What will eventually wind up in the final bill remains unclear. Elizabeth Warren (D-MA) has pushed for, but it’s a similar idea in spirit: get billionaires to pay more taxes on the enormous wealth they’ve accumulated.īut it appears the idea has been nixed from the bill, as the White House on Thursday released a framework that instead outlined other proposals for raising money, including a millionaires surtax that would affect what the administration says is about 0.02 percent of Americans, and increased funding for the IRS. Ron Wyden (D-OR), who chairs the Senate Finance Committee, put forth an idea for a tax on billionaires that would impact the 700 richest Americans. Democrats are hoping to push through a sweeping budget reconciliation bill that would make important social and climate investments, though the details of the legislation are still being hammered out (as is the question of whether all 50 Democrats in the Senate can come together to pass it). On taxes, Bill Gates turns into Goldilocks: There are soups, chairs, and beds out there that work, but so far, it doesn’t seem like he’s found one that’s just right - it’s hard not to wonder if Bill’s just really not into soup.ĭemocrats in Congress are currently weighing ideas to tax the wealthy as part of a plan to pay for President Joe Biden’s Build Back Better agenda. It’s a familiar sentiment among the super-rich whenever there are discussions like this: They’re maybe open to the idea of taxing people like themselves more, but they’re not quite sold on any specific proposals. It looks like they’re going to get their way, too. Lawmakers are again talking about taxing billionaires, and billionaires have some feelings about it - namely, they’d rather not. ![]()
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