Biden Proposes 25% Tax on Billionaires


“President Joe Biden is proposing a series of new tax increases on billionaires, rich investors and corporations in his latest proposal for how Congress should prioritize taxes and spending,” Bloomberg reports. “Biden’s budget request to Congress, which is slated to be released Thursday, calls for a 25% minimum tax on billionaires… The plan would also nearly double the capital gains tax rate for investment to 39.6% from 20% and raise income levies on corporations and wealthy Americans.”

Most Want to Raise Taxes on the Wealthy


“Surveys are showing overwhelming support for raising taxes on top earners, including a new Politico/Morning Consult poll released Monday that found 76 percent of registered voters believe the wealthiest Americans should pay more in taxes.” “A recent Fox News survey showed that 70 percent of Americans favor raising taxes on those earning over $10 million — including 54 percent of Republicans.”

Warren to Propose a ‘Wealth Tax’

2% to 3%

Sen. Elizabeth Warren (D-MA) will propose a new annual “wealth tax” on Americans with more than $50 million in assets, as Democratic leaders vie for increasingly aggressive solutions to the nation’s soaring wealth inequality, the Washington Post reports. “Emmanuel Saez and Gabriel Zucman, two left-leaning economists at the University of California, Berkeley, have been advising Warren on a proposal to levy a 2 percent wealth tax on Americans with assets above $50 million, as well as a 3 percent wealth tax on those who have more than $1 billion, according to Saez.”

Americans Support a Tax on the Very Wealthy


A new poll from The Hill and Harris X found that 59 percent of registered voters supported imposing a 70 percent tax rate on every dollar over the 10 millionth a person earns in a year. (Tax rates that apply only to income over a certain threshold are called marginal tax rates.) The idea even received bipartisan support: 71 percent of Democrats, 60 percent of independents and 45 percent of Republicans said they were in favor.

Hey Paul Ryan, How’s That Ax-y Medicare-y Thing Workin’ Out for Ya?

Wisconsin Republican Rep. Paul Ryan’s constituents showed they are much smarter than he thinks they are. They aren’t buying the latest iteration of trickle-down, voodoo economics. And when he persisted in trying to get them to see it his way, they booed him. Let this be a warning to other tea bag Republicans who underestimate us. You need to throw out new red meat. We aren’t swallowing the old stuff.