US senator Ron Wyden unveils a proposal to levy a new tax on billionaires

Washington: A US Democratic Senator has proposed a new tax on around 700 billionaires to help fund President Joe Biden's economic agenda, despite opposition from the party's moderate members. According to reports, Senate Finance Committee Chairman Ron Wyden's proposal would apply to US taxpayers with more than USD 1 billion in assets or more than USD 100 million in income for three years.

"The Billionaires Income Tax would ensure that billionaires, like working Americans, pay taxes every year. No working person in America believes it is fair that billionaires do not pay taxes "In a statement, Wyden said.  "For far too long, billionaires have operated under a different set of rules, allowing them to avoid paying taxes and cheat the system. Congress now has a once-in-a-generation chance to correct this "Senator Elizabeth Warren, a Democrat, echoed this sentiment.

According to a summary of the proposal, the billionaires income tax would target roughly 700 taxpayers and raise hundreds of billions of dollars, ensuring that the country's wealthiest people pay their fair share toward historic investments in child care, paid leave, and addressing the climate crisis. Richard Neal, the Democratic chair of the House Ways and Means Committee, also stated that the billionaires' tax does not have enough support in Congress to pass.

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