Wealth Tax, Estate Tax, Capital Gains: Here’s How Democrats Want to Tax

  • President Joe Biden and congressional Democrats have called for higher taxes on the wealthy to help pay for additional federal spending on infrastructure and other priorities.
  • Their proposals include a wealth tax and reforms to capital gains and estate taxes that would raise taxes on millionaires and billionaires.
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Democrats may soon be raising taxes on the rich, as lawmakers pivot to priorities beyond Covid pandemic relief.

A change in the way Uncle Sam taxes the wealth, capital gains and estates of the super wealthy may be on the table, according to tax experts.

The White House and congressional Democrats have eyed higher taxes to raise trillions of dollars in additional revenue to, for example, improve the country’s infrastructure and combat climate change.

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President Joe Biden and his advisors are considering up to $3 trillion in new spending for such endeavors, The New York Times reported Monday.

 

www.cnbc.com/2021/03/23/heres-how-democrats-want-to-raise-taxes-on-the-rich.html

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