It’s one of those ideas that’s been out in the open for a number of years, and never outright ends up being implemented. It is a straight-up tax on wealth, specifically a small number of REALLY wealthy Americans, essentially appropriating their money send into the rat hole known as “the government.”
It was thought that maybe, just maybe, the current tax behemoth being debated in Congress would have such a tax, but it seems that the Speaker of the House of Representatives, herself a wealthy woman, is not in favor of the idea.
A senior Democratic aide told The Post that Pelosi’s reservations, which were first reported by the Washington Post, were due to the fact that Senate Finance Committee Chair Ron Wyden (D-Ore.) had not finalized legislation for the billionaire tax by the time the White House was to submit an updated framework for the social spending plan.
As it happens, the “Billionaire Tax” would apply to less than a thousand Americans, and while these people can be rather patriotic, they aren’t going to give up their wealth without a really good reason.
They also have the means and the will to lobby members of Congress to keep such a tax out of any legislation pending, which would explain the number of vocal opponents of the idea.
“It’s more of a stunt,” Rep. Dan Kildee (D-Mich.), a member of the House Ways and Means Committee, told Politico at the time.
House Majority Leader Steny Hoyer (D-Md.) said he was “frankly and honestly disappointed” with the proposal, while an anonymous Democratic member told The Post: “While I believe the very wealthiest and most fortunate Americans must contribute more to investing in our future … and paying for our past (e.g. the federal debt), taxing the unrealized gains of a small subset of people is a difficult policy to craft — let alone enforce.”
In other words, it’s not worth the bother to go after so few people in a single tax initiative.
Never mind the number of Congress Critters who would hear it from the lobbyists if a wealth tax actually passed.
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