Democrats’ Billionaire Tax Plan Puts About 700 People in Its Sights

Senate Democrats detailed their proposed levy on billionaires, a new and logistically risky approach to taxation that lawmakers hope will help fund President Joe Biden’s social spending aimed at low- and middle-income Americans. The plan, sponsored by Senate Finance Committee Chairman Ron Wyden, is the result of weeks of negotiations among Democrats about how to find ways to raise taxes on the wealthy that nearly every member of the party can support. Wyden is betting that fellow lawmakers -- and voters -- will broadly back a plan that would shift more of the tax burden to the very wealthiest. The levy would apply to taxpayers who for three consecutive years have had assets worth at least $1 billion or have earned at least $100 million three years in a row. The thresholds mean about 700 people would be affected, according to a summary of the plan. Subscribe to our YouTube channel: https://bit.ly/2TwO8Gm​ Bloomberg Quicktake brings you live global news and original shows spanning business, technology, politics and culture. Make sense of the stories changing your business and your world. To watch complete coverage on Bloomberg Quicktake 24/7, visit http://www.bloomberg.com/qt/live​, or watch on Apple TV, Roku, Samsung Smart TV, Fire TV and Android TV on the Bloomberg app. Connect with us on… YouTube: https://www.youtube.com/user/Bloomberg​ Breaking News on YouTube: https://www.youtube.com/c/BloombergQu...​ Twitter: https://twitter.com/quicktake​ Facebook: https://www.facebook.com/quicktake​ Instagram: https://bit.ly/32sC5jW