The head of the House committee in charge of tax law said a proposal to levy a tax on the assets of billionaires will not be part of negotiations on President Joe Biden’s social spending bill, which That adds more uncertainty about how Democrats will pay for the president’s agenda.
Richard NealChairman of the House Ways and Means committee said Wednesday there is no support for the billionaires tax to pass in Congress.
He noted that the House is discussing with the Senate the inclusion of a 3% surcharge, in addition to the maximum income rate, for those who earn more than $ 10 million.
But the author of the tax proposal to tax billionaires, the Senate Finance Chairman, Ron Wyden, insisted that the plan is not dead and that all senators will send members of their teams to a briefing on how it would work to be held on Wednesday night.
Opposition to the billionaires tax in the House and Senate just hours after its introduction, and after the White House said Biden backed the plan, illustrates how far Democrats are from completing the work on the centerpiece. of its national agenda despite optimistic statements by party leaders.
Several other income provisions are also in flux, including a blueprint for new reporting requirements for bank accounts, along with key elements of social policies.
Tensions Wyden-Neal they also show the increasingly tough fight among Democrats to agree on a social spending package that could approach $ 2 trillion and to enact many of the party’s long-term goals.
Wyden proposed the billionaires tax as an alternative to tax increases on businesses and higher-income individuals to help fund an expansive plan of social programs and projects to combat climate change.
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