To fund the fight against climate change, the Democratic Party wants to tax the 700 richest people in the US

This Wednesday, Democrats in the US Senate proposed progress A tax on the richIt is an idea unprecedented in the country that seeks to facilitate consensus among the party’s factions and obtain the approval of President Joe Biden’s ambitious reform plan.

The idea is shipping Tax on owners of assets over $1 billion or income over $100 million per year, in order to fund social welfare plans and Fighting climate change Biden is hoping to secure approval before heading off to a series of foreign meetings this week. This equates to about 700 people.

If this law were enacted, billionaire assets, such as stocks, would be valued every year and taxed if they increased in value. If it decreases, taxpayers can deduct it for up to three years, under the proposal. This will be a change from the current US law, in which the value of shares is normally taxed They are only paid if they are sold.

Tax on the rich, to one side of 15% for large companies, they can persuade lawmaker Kirsten Sinema, of Arizona, who has so far refused to accept the idea of ​​eliminating tax breaks for the rich and large corporations that were approved under the presidency of Donald Trump.

Biden met Tuesday night at the White House with a cinema and another Democratic opponent, the senator Joe Mansion De Virginia Occidental.

“No senator wants to come out and say, “Yeah, I think it’s great that billionaires don’t pay taxes year after year.”Senator Ron Wyden (Oregon), D-Democrat, announced the chair of the House Finance Committee.

Democrats aspire to approve spending for 1.75 trillion dollars for Childcare, healthcare and combating climate change, even though the original plan was for $3.5 trillion.

New taxes on corporations big and rich could allow Biden to make good on his promise that the wealthiest strata of society will “pay their fair share,” and another promise not to tax those who earn less than $400,000 a year as individuals. or 450,000 for couples. Biden insists the plan should be fully funded without incurring higher levels of public debt.

While the new tax idea might convince Mansion and Cinema –whose votes are indispensable because the Senate is divided 50-50 between the two parties– He was criticized by other Democrats.

Democratic Representative Richard Neal, of Massachusetts, chair of the House Tax and Resources Committee, warned that a new tax on billionaires could be Harder to collect than simply increasing the current tax rate.

(With information from AP and AFP)

Read on: