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.

Read the full article at The Hill.

Chuck Collins directs the Program on Inequality and the Common Good at the Institute for Policy Studies. Follow him on Twitter @Chuck99to1.

Get more news like this, directly in your inbox.

Subscribe to our newsletter.