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Democrats unveil new billionaires’ tax plan to help pay for Biden agenda
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Senate Democrats on Wednesday unveiled a new billionaires’ tax proposal, an entirely new entry in the tax code designed to help pay for Joe Biden’s sweeping domestic policy package and edge his party closer to an overall agreement on a shrunken version of the administration’s $3.5tn flagship legislation.
The proposed tax would hit the gains of those with more than $1bn in assets or incomes of more than $100m a year, and it could begin to shore up the big social services and climate change plan Biden is racing to finish before departing this week for the global climate summit in Scotland, Cop26.
The new billionaires’ proposal, coupled with a new 15% corporate minimum tax, would provide alternative revenue sources that Biden needs to win over
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