%20%20) no-repeat;height:12px;width:12px;margin-right:10px;content:"";display:inline-block;vertical-align:middle;}#sTag_0_0_20_0_0_6_0_0_0_1_0_0 .body .widget__show-more{font-size:13px;font-weight:700;color:#00a3e0;line-height:30px;position:absolute;}#sTag_0_0_20_0_0_6_0_0_0_1_0_0 .widget__shares{float:right;margin:20px 0 0;padding-right:10px;}#sTag_0_0_20_0_0_6_0_0_0_1_0_0 .widget__shares:before{margin:40px 0 0;}#sTag_0_0_20_0_0_6_0_0_0_1_0_0 .widget__shares a{background-color:#0000;color:#242424;font-size:20px;padding:0;}#sTag_0_0_20_0_0_6_0_0_0_1_0_0 .tags{margin:35px 0 20px;}#sTag_0_0_20_0_0_6_0_0_0_1_0_0 .tags:before{content:"Filed Under:";display:inline-block;margin:10px 0 10px 10px;font-size:14px;}#sTag_0_0_20_0_0_6_0_0_0_1_0_0 .tags .tags__item:hover{color:#00a3e0;}#sTag_0_0_20_0_0_6_0_0_0_1_0_0 .tags .tags__item{border-radius:19.5px;color:#000;font-size:14px;line-height:1.5;margin:0 5px 6px;padding:0 0 0 6px;text-transform:lowercase;}#sTag_0_0_20_0_0_6_0_0_0_1_0_0{padding:0 0 0 40px;}@media (min-width: 768px) and (max-width: 1023px){#sTag_0_0_20_0_0_6_0_0_0_1_0_0{padding:0 40px;}}#sTag_0_0_20_0_0_6_0_0_0_1_0_0 .widget .widget__headline-text{font-size:40px;line-height:42px;}#sTag_0_0_20_0_0_6_0_0_0_1_0_0 .social-date{display:inline-block;line-height:13px;vertical-align:top;}#sTag_0_0_20_0_0_6_0_0_0_1_0_0 .social-date:after{content:"|";padding:5px;}#sTag_0_0_20_0_0_6_0_0_0_1_0_0 .social-date__text{color:#242424;font-size:13px;line-height:13px;}#sTag_0_0_20_0_0_6_0_0_0_1_0_0 .social-author{color:#242424;font-size:13px;line-height:13px;display:inline-block;vertical-align:top;}#sTag_0_0_20_0_0_6_0_0_0_1_0_0 .social-author__avatar{display:none;}#sTag_0_0_20_0_0_6_0_0_0_1_0_0 .social-author__name{color:#242424;font-size:13px;line-height:13px;font-weight:400;}#sTag_0_0_20_0_0_6_0_0_0_1_0_0 .posts-custom .posts-wrapper:after{margin-bottom:-60px;}#sTag_0_0_20_0_0_6_0_0_0_1_0_0 .posts-custom .widget{margin-bottom:60px;}#sTag_0_0_20_0_0_6_0_0_0_1_0_1 .body .widget__show-more:before{background:url(data:image/svg+xml;utf8,%20%20 %20 %20 ) no-repeat;height:12px;width:12px;margin-right:10px;content:"";display:inline-block;vertical-align:middle;}#sTag_0_0_20_0_0_6_0_0_0_1_0_1 .widget__shares:before{margin:40px 0 0;}#sTag_0_0_20_0_0_6_0_0_0_1_0_1 .tags:before{content:"Filed Under:";display:inline-block;font-size:14px;margin:10px 0 10px 10px;}#sTag_0_0_20_0_0_6_0_0_0_1_0_1 .tags .tags__item:hover{color:#00a3e0;}#sTag_0_0_20_0_0_6_0_0_0_1_0_1{padding:0 0 0 40px;}@media (min-width: 768px) and (max-width: 1023px){#sTag_0_0_20_0_0_6_0_0_0_1_0_1{padding:0 40px;}}#sTag_0_0_20_0_0_6_0_0_0_1_0_1 .social-date:after{content:"|";padding:5px;}#sTag_0_0_20_0_0_6_0_0_0_1_0_3 .body .widget__show-more:before{background:url(data:image/svg+xml;utf8,%20%20 %20 %20 ) no-repeat;height:12px;width:12px;margin-right:10px;content:"";display:inline-block;vertical-align:middle;}#sTag_0_0_20_0_0_6_0_0_0_1_0_3 .widget__shares:before{margin:40px 0 0;}#sTag_0_0_20_0_0_6_0_0_0_1_0_3 .tags:before{content:"Filed Under:";display:inline-block;font-size:14px;margin:10px 0 10px 10px;}#sTag_0_0_20_0_0_6_0_0_0_1_0_3 .tags .tags__item:hover{color:#00a3e0;}#sTag_0_0_20_0_0_6_0_0_0_1_0_3{padding:0 0 0 40px;}@media (min-width: 768px) and (max-width: 1023px){#sTag_0_0_20_0_0_6_0_0_0_1_0_3{padding:0 40px;}}#sTag_0_0_20_0_0_6_0_0_0_1_0_3 .social-date:after{content:"|";padding:5px;}#sTag_0_0_20_0_0_6_0_0_0_1_0_4_0 .body .widget__show-more:before{background:url(data:image/svg+xml;utf8,%20%20 %20 %20 ) no-repeat;height:12px;width:12px;margin-right:10px;content:"";display:inline-block;vertical-align:middle;}#sTag_0_0_20_0_0_6_0_0_0_1_0_4_0 .widget__shares:before{margin:40px 0 0;}#sTag_0_0_20_0_0_6_0_0_0_1_0_4_0 .tags:before{content:"Filed Under:";display:inline-block;font-size:14px;margin:10px 0 10px 10px;}#sTag_0_0_20_0_0_6_0_0_0_1_0_4_0 .tags .tags__item:hover{color:#00a3e0;}#sTag_0_0_20_0_0_6_0_0_0_1_0_4_0{padding:0 0 0 40px;}@media (min-width: 768px) and (max-width: 1023px){#sTag_0_0_20_0_0_6_0_0_0_1_0_4_0{padding:0 40px;}}#sTag_0_0_20_0_0_6_0_0_0_1_0_4_0 .social-date:after{content:"|";padding:5px;}#sTag_0_0_20_0_0_6_0_0_0_1_0_4_1_1_0{margin:0 0 20px 40px;}#s_Newsletter-Blue-Gif_0_0_24_0_0_0{background:#00a3e0;margin:20px 0;}#s_Newsletter-Blue-Gif_0_0_24_0_0_0_0{display:inline-block;padding:50px 20px 20px;}#s_Newsletter-Blue-Gif_0_0_24_0_0_0_1{background:#000;display:inline-block;float:right;width:33%;clip-path:polygon(8% 0%, 100% 0%, 100% 100%, 0% 100%);}@media (min-width: 1024px){#s_Newsletter-Blue-Gif_0_0_24_0_0_0_1{clip-path:polygon(8% 0%, 100% 0%, 100% 100%, 0% 100%);}}#s_Newsletter-Blue-Gif_0_0_24_0_0_0_1_0{color:#fff;font-weight:bold;text-align:right;font-family:Montserrat, sans-serif;font-size:18px;}#s_Newsletter-Blue-Gif_0_0_24_0_0_0_1_1{display:flex;float:right;}#s_Newsletter-Blue-Gif_0_0_24_0_0_0_1_1_0 .social-links{background-color:#0000;}#s_Newsletter-Blue-Gif_0_0_24_0_0_0_1_1_0 .social-links__link{font-size:18px;color:#fff;background-color:#0000;padding:0;}@media (min-width: 1024px){#sTag_0_0_20_0_0_6_0_1{width:370px;margin-top:40px;padding-right:55px !important;}}#sTag_0_0_20_0_0_6_0_1:after{margin-top:-30px;}#sTag_0_0_20_0_0_6_0_1 > *{margin-bottom:30px;}#sTag_0_0_20_0_0_6_0_1_0{display:none;}@media (min-width: 1024px){#sTag_0_0_20_0_0_6_0_1_0{display:block;}}@media (min-width: 768px) and (max-width: 1023px){#sTag_0_0_20_0_0_6_0_1_0{padding:0 40px;}}#sNewsletter_0_0_16_0_0_0.row-wrapper{background:linear-gradient(90deg, #00a3e0 0%, #0090c6 35%, #01739f 100%);}@media (min-width: 1024px){#sNewsletter_0_0_16_0_0_0.row-wrapper{max-width:300px;}}#sNewsletter_0_0_16_0_0_0_0{padding-bottom:20px;}#logotext{color:#fff;text-align:center;}.sidebar_newsletter_block{padding:0 20px;}#thinner{font-weight:300;}.updated-newsletter-h2{color:#fff;font-size:17px;font-stretch:normal;font-weight:bold;letter-spacing:1px;line-height:1.15;text-align:center;}.sidebar_newsletter_block .news_form{text-align:center;position:relative;max-width:500px;margin-left:auto;margin-right:auto;}.sidebar_newsletter_block .news-element__input{width:100%;color:#8f8f8f;padding-right:96px;box-sizing:border-box;background:#fff;}.sidebar_newsletter_block .news-element__submit{color:#fff;position:absolute;top:0;right:0;background:#000;}.sidebar_newsletter_block .news-element__input, .sidebar_newsletter_block .news-element__submit{border:0;padding:10px;font-size:1.6rem;font-weight:500;height:40px;line-height:20px;margin:0;}.sidebar_newsletter_block{padding-bottom:20px;}.sidebar_newsletter_block .news-element__submit:focus, .sidebar_newsletter_block .news-element__submit:focus-visible{outline-color:#f5fcff;}@media (min-width: 768px) and (max-width: 1023px){#sTag_0_0_20_0_0_6_0_1_1{padding:0 40px;}}#s__MostPopularVideos_0_0_25_0_0_0.row-wrapper{background-color:#000;padding:20px;}@media (min-width: 768px) and (max-width: 1023px){#s__MostPopularVideos_0_0_25_0_0_0.row-wrapper{padding:40px;}}#s__MostPopularVideos_0_0_25_0_0_0_0:after{margin-top:-30px;}#s__MostPopularVideos_0_0_25_0_0_0_0 > *{margin-bottom:30px;}#s__MostPopularVideos_0_0_25_0_0_0_0_0 .module-headline__text{color:#fff;font-size:18px;line-height:1;}#s__MostPopularVideos_0_0_25_0_0_0_0_0 .widget .widget__headline-text{color:#fff;font-size:20px;line-height:1;}#s__MostPopularVideos_0_0_25_0_0_0_0_0 .social-date{display:inline-block;line-height:12px;vertical-align:top;}#s__MostPopularVideos_0_0_25_0_0_0_0_0 .social-date__text{color:#fff;font-size:12px;line-height:12px;}#s__MostPopularVideos_0_0_25_0_0_0_0_0 .social-date__text:after{content:"|";padding:5px;}#s__MostPopularVideos_0_0_25_0_0_0_0_0 .social-author{color:#242424;display:inline-block;font-size:12px;line-height:12px;vertical-align:top;}#s__MostPopularVideos_0_0_25_0_0_0_0_0 .social-author__avatar{display:none;}#s__MostPopularVideos_0_0_25_0_0_0_0_0 .social-author__name{color:#fff;font-size:12px;font-weight:400;line-height:12px;}#s__MostPopularVideos_0_0_25_0_0_0_0_0 .posts-custom .posts-wrapper:after{margin-bottom:0;}#s__MostPopularVideos_0_0_25_0_0_0_0_0 .posts-custom .widget{margin-bottom:0;}#s__MostPopularVideos_0_0_25_0_0_0_0_1 .widget .widget__body{margin:0 -10px;}#s__MostPopularVideos_0_0_25_0_0_0_0_1 .widget__headline{line-height:20px;max-height:40px;overflow:hidden;}#s__MostPopularVideos_0_0_25_0_0_0_0_1 .widget .widget__headline-text{color:#fff;font-size:16px;}#s__MostPopularVideos_0_0_25_0_0_0_0_1 .social-date{display:inline-block;line-height:12px;vertical-align:top;}#s__MostPopularVideos_0_0_25_0_0_0_0_1 .social-date__text{color:#fff;font-size:12px;line-height:12px;}#sTag_0_0_20_0_0_6_0_1_2{display:none;}@media (min-width: 1024px){#sTag_0_0_20_0_0_6_0_1_2{display:block;}}#sTag_0_0_20_0_0_6_0_1_2_0_0_0:after{margin-top:-20px;}#sTag_0_0_20_0_0_6_0_1_2_0_0_0 > *{margin-bottom:20px;}#sTag_0_0_20_0_0_6_0_1_2_0_0_0_0{padding:20px;background-color:#000;}#sTag_0_0_20_0_0_6_0_1_2_0_0_0_0 .module-headline__text{line-height:1;font-size:18px;color:#fff;}@media (min-width: 768px) and (max-width: 1023px){#sTag_0_0_20_0_0_6_0_1_2_0_0_0_1 .widget:after{width:50%;}}#sTag_0_0_20_0_0_6_0_1_2_0_0_0_1 .widget .widget__head{display:none;}#sTag_0_0_20_0_0_6_0_1_2_0_0_0_1 .widget__headline{line-height:20px;overflow:hidden;max-height:40px;}#sTag_0_0_20_0_0_6_0_1_2_0_0_0_1 .widget .widget__headline-text{font-size:16px;color:#242424;}#sTag_0_0_20_0_0_6_0_1_2_0_0_0_1 .social-date{display:inline-block;line-height:12px;vertical-align:top;}#sTag_0_0_20_0_0_6_0_1_2_0_0_0_1 .social-date__text{color:#242424;font-size:12px;line-height:12px;}#sTag_0_0_20_0_0_6_0_1_2_0_0_0_1 .posts-custom .posts-wrapper:after{margin-bottom:-20px;}#sTag_0_0_20_0_0_6_0_1_2_0_0_0_1 .posts-custom .widget{margin-bottom:20px;}#sTag_0_0_20_0_0_6_0_1_2_0_0_0_1 .posts-custom .posts-wrapper{margin-left:-20px;margin-right:-20px;}#sTag_0_0_20_0_0_6_0_1_2_0_0_0_1 .posts-custom article{margin:0 20px;}.photo-caption, .photo-credit, .photo-caption *, .photo-credit *{font-size:13px;color:gray;display:inline;line-height:1.2em;}.photo-caption a, .photo-credit a, .post-splash-custom .photo-credit a{color:#00a3e0;font-size:inherit;}.photo-credit:before{content:"Credit:";}.photo-credit a[href*="youtu.be"], .photo-credit a[href*="youtube"]{display:none;}.video-article .photo-credit:before{content:" ";}.menu-item:hover .menu-dropdown{display:grid;}.sections-list__item--events, .topbar_wrapper .list__item[href="https://www.gzeromedia.com/events/"], .topbar_wrapper a[href*="events/could-our-response-to-covid-help-end-poverty-register"], .sections-list__item--could-our-response-to-covid-help-end-poverty-register{display:none !important;}.fa-facebook:before{content:"";}.fa-youtube:before{content:"";}.nav_items_scrollable.list::-webkit-scrollbar{display:none;}.body, .social-date, .social-author__name{font-family:Roboto, sans-serif !important;}.widget .widget__headline-text, .post-splash-custom .headline{;}.from-your-site__headline:after{content:"Related Coverage";font-size:18px;visibility:visible;}.widget .widget__headline-text, .post-splash-custom .headline{font-family:Roboto Slab, serif;}.post__stream .widget__show-more:before{content:"";background:url("data:image/svg+xml;base64,PHN2ZyB4bWxucz0naHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmcnIHdpZHRoPScxOCcgaGVpZ2h0PScxOCcgdmlld0JveD0nMCAwIDQ4IDQ4Jz48cGF0aCBkPSdNMzggMjZIMjZ2MTJoLTRWMjZIMTB2LTRoMTJWMTBoNHYxMmgxMnY0eicgZmlsbD0nIzAwYTNlMCc+PC9wYXRoPjwvc3ZnPg==") no-repeat !important;vertical-align:-5px !important;height:18px !important;width:18px !important;margin-right:2px !important;}.social-author__name:after{content:", ";}.social-author__name:last-of-type:after{content:"";}.social-author__name:last-of-type:before{content:" and ";}.social-author__name:first-of-type:before{content:"";}.social-author__name:nth-last-of-type(2):after{content:"";}.middle_newsletter_block .news_form{float:left;}.middle_newsletter_block .news_form, .sidebar_newsletter_block .news_form{text-align:center;position:relative;max-width:500px;margin-left:auto;margin-right:auto;}.middle_newsletter_block .news-element__input, .sidebar_newsletter_block .news-element__input{width:100%;color:#8f8f8f;padding-right:96px;box-sizing:border-box;background:#fff;}.middle_newsletter_block .news-element__submit, .sidebar_newsletter_block .news-element__submit{color:#fff;position:absolute;top:0;right:0;background:#000;}.middle_newsletter_block .news-element__input, .middle_newsletter_block .news-element__submit, .sidebar_newsletter_block .news-element__input, .sidebar_newsletter_block .news-element__submit{border:0;padding:10px;font-size:1.6rem;font-weight:500;height:40px;line-height:20px;margin:0;}.middle_newsletter_block .module-headline__text{color:#fff;font-size:17px;text-align:left;padding-bottom:6px;}.blue-gif-newsletter .social-links__link{margin:2px 0;}.blue-gif-newsletter .social-wrapper{padding:55px 18px 30px;}@media (min-width: 1024px){.most___popular_video__wrapper .video-article > .row > .col > .widget__head{margin-bottom:10px;}}@media (min-width: 1024px){.middle_newsletter_block .news-element__input{min-width:445px;}}@media (min-width: 1024px){.middle_newsletter_block{max-width:80%;}}.rm-breadcrumb__list:before{background:url("https://assets.rbl.ms/22915090/origin.png");background-size:contain;content:"";display:inline-block;float:left;height:30px;margin-right:3px;width:30px;margin-top:-5px;}.top_homepage_post .widget__headline-text:after{content:"Read more";font-family:Roboto, sans-serif;font-size:14px;color:#00a1df;border:1px solid #00a1df;padding:8px 10px;margin:auto auto 30px;position:absolute;bottom:0;line-height:normal;left:0;right:0;margin-left:auto;margin-right:auto;text-align:center;width:fit-content;}.top_homepage_post .widget__headline-text.cf_custom:after{content:attr(data-after);}.top_homepage_post .widget__headline-text:hover:after{background:#00a1df;color:#fff;}@media screen and (min-width: 768px){.middle_newsletter_block .news-element__input{min-width:380px;}}@media screen and (min-width: 1024px) and (max-width: 1171px){.middle_newsletter_block{max-width:40%;}}@media screen and (min-width: 1024px) and (max-width: 1171px){.middle_newsletter_block .news-element__input{min-width:280px;}}@media screen and (min-width: 1024px) and (max-width: 1171px){.blue-gif-newsletter .social-links__link{margin:0;}}@media screen and (min-width: 1024px) and (max-width: 1171px){.blue-gif-newsletter .social-wrapper{padding:82px 18px 30px;}}.show-less.js-contract{display:none !important;}.nav_items_scrollable .list::-webkit-scrollbar{height:0;}.top-link{transition:all .25s ease-in-out;position:fixed;bottom:25px;right:5px;display:inline-flex;cursor:pointer;align-items:center;justify-content:center;margin:0 0 1em;padding:.15em;z-index:1;}.top-link.hide{visibility:hidden;opacity:0;}.top-link:hover{;}@media (min-width: 768px){.top-link{bottom:80px;}}.section_title_wrapper{text-align:center;position:relative;overflow:hidden;margin-left:40px;z-index:1;}.section-title:before, .section-title:after{content:"";position:absolute;height:1px;border-bottom:1px solid #000;top:17px;width:5000px;}.section-title:before{right:100%;margin-right:15px;}.section-title:after{left:100%;margin-left:15px;}.section-title{font-size:16px;font-weight:bold;font-style:normal;font-stretch:normal;line-height:40px;letter-spacing:normal;text-align:center;color:#000;padding:0 15px;background:#fff;display:inline-block;z-index:8;text-transform:capitalize;position:relative;margin-top:5px;}@media (max-width: 1023px){.section_title_wrapper{margin:0 40px;}}
billionaires tax news - GZERO Media
Option for third bar for “breaking news” or live event
JOIN
close Search Search
AI-powered
search, human-powered content.
GZERO Daily: our free newsletter about global politics
Keep up with what’s going on around the world - and why it matters.
Sign Up GZERO Daily: our free newsletter about global politics
Sign Up We have updated our Privacy Policy and Terms of Use for Eurasia Group and its affiliates, including GZERO Media, to clarify the types of data we collect, how we collect it, how we use data and with whom we share data. By using our website you consent to our Terms and Conditions and Privacy Policy, including the transfer of your personal data to the United States from your country of residence, and our use of cookies described in our Cookie Policy .
Could a Billionaires Tax Fund Democrats’ $2T Spending Bill? | US Politics In :60 | GZERO Media
October 27, 2021
This would be a radical departure from how the US taxes income. Typically, it taxes capital gains income when those gains are realized. And the proposal from the Senate Finance Committee would be to tax them on an annual basis based on the appreciation. So, in some cases, you could be taxing somebody on gains they haven't realized and forcing them to pay with money they don't have, forcing them to sell off assets. Unfortunately for Sinema, and Ron Wyden, and other Democrats who support this, moderate Senator Joe Manchin from West Virginia said he's against it. So, they've got to go to other ideas, such as a corporate alternative minimum tax. The US used to have such a tax in place before the Trump tax cuts, but it was repealed because it didn't raise that much revenue, and it was a little confusing and had high compliance burdens.
Now, the Democrats want to bring that back. It would involve taking away some of the deductions and credits that companies use to minimize their tax liability, and would apply to a very narrow group of companies, about 200. If you look at the corporate minimum tax, if you look at the billionaires tax, which would affect about 700 people in this country, you're looking at raising an awful lot of revenue from not a large number of people. And this is a really big problem because you're not going to be able to get all the way to $2 trillion in spending with these somewhat narrow tax increases. This party's a long way from ending though. They probably have weeks, or potentially months of negotiations ahead of them. They'd like to get an announcement this week before the President leaves for his trip to the G20, and the Glasgow Climate Summit. They may get something announced, but the details of that are going to be worked out over a long period of time.
Read more Show less