Senate Democrats unveil a plan for a new tax on billionaires

Senate Democrats have unveiled a plan to tax the gains billionaires make on the assets they own as a way to help pay for President Biden’s social spending plan.

Democrats say the billionaire tax alone could raise hundreds of billions of dollars to help offset the cost of the final bill, which could end up around $1.5 trillion. It is part of a broader tax framework that also includes a new minimum tax on large corporations.

Senate Finance Committee Chair Ron Wyden, D-Ore., called the proposal a way to consistently tax billionaires who typically avoid paying annual income taxes.