As Democrats scramble to reach consensus on how to pay for a massive budget deal, a proposal to increase taxes on U.S. billionaires is gaining momentum. Here’s one reason this is a good idea: Since March 2020, the beginning of the pandemic, 745 U.S. billionaires have seen their total wealth increase by $2.1 trillion, a gain of 70 percent.
Senate Finance Chairman Ron Wyden (D-Ore.) has been pushing what he calls a “Billionaires Income Tax” for some time now, as one of a number of fair tax reforms to pay for President Biden’s sweeping “Build Back Better” agenda.
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