• Home
  • Interviews
  • Business Wisdom
  • Tech & Business
  • Business News
  • Economy
  • Community
  • Login
ValiantCEO
  • Home
  • Interviews
  • Business Wisdom
  • Tech & Business
  • Business News
  • Economy
  • Community
No Result
View All Result
ValiantCEO
  • Home
  • Interviews
  • Business Wisdom
  • Tech & Business
  • Business News
  • Economy
  • Community
No Result
View All Result
valiant
No Result
View All Result

House Democrats’ Plan to Tax the Rich Leaves Vast Fortunes Unscathed

Jarvis Dobrik by Jarvis Dobrik
September 14, 2021
in Economy
House Democrats’ Plan to Tax the Rich Leaves Vast Fortunes Unscathed

[ad_1]

In other areas, the committee appears to be making only glancing blows at the wealthiest Americans. Former President Barack Obama, Mr. Trump and Mr. Biden have all vowed to close the so-called carried interest loophole, in which private equity managers pay low capital gains taxes on the fees they charge clients, asserting that the money is not income because it is drawn from their clients’ investment gains.

Senate Democrats have proposed closing the loophole completely, saving Treasury $63 billion over 10 years. The House proposal would merely limit the practice, forcing Wall Street financiers to hold their clients’ investment gains for five years before claiming them as capital gains and cashing out. It would save $14 billion, a fraction of the Senate proposal.

Another item missing from the House plan: a measure to tax inheritances more aggressively. Mr. Biden and many other Democrats want assets such as stocks and real estate to be taxed when they are inherited by wealthy heirs, based on the gain in value from the time the original owner purchased them. Under current law, such assets face capital gains taxation only when they are sold, according to their worth when they were inherited, allowing all the gain in value over the lifetimes of the superwealthy to go untaxed as long as they are passed on to heirs.

But the new proposal faced a fierce lobbying campaign, led by rural Democrats like former Senators Heidi Heitkamp of North Dakota and Max Baucus of Montana. Representative Richard E. Neal of Massachusetts, the Democratic chairman of the Ways and Means Committee, left it out.

To some liberals, Mr. Neal’s pragmatism felt more like surrender.

“America’s billionaires are popping Champagne tonight as the House Ways and Means Committee — led by Chair Richie Neal — fails the president, fails the country and fails history,” said Erica Payne, the president of Patriotic Millionaires, a group of wealthy liberals that embraces much higher taxes on the rich.

Some Democrats expressed surprise on Monday at Mr. Neal’s political calculations.

“A wealth tax? I don’t know anyone who says that’s not working for them politically,” said Representative Donald S. Beyer Jr., Democrat of Virginia and a member of the committee.

But with Senator Joe Manchin III, Democrat of West Virginia, suggesting that the final package might have to be half the size of the House plan, Mr. Beyer said he understood why Democratic leaders did not want to make vulnerable lawmakers embrace the most aggressive options.

[ad_2]

Source link

Previous Post

In Social Policy Bill, Businesses See a Lot to Like. They Oppose It.

Next Post

How House Democrats Plan to Raise $2.9 Trillion for a Safety Net

Jarvis Dobrik

Jarvis Dobrik

Valuer | Photographer | Writer Motivating the world through Entrepreneurship and Self-Growth Quality over quantity.

Next Post
How House Democrats Plan to Raise $2.9 Trillion for a Safety Net

How House Democrats Plan to Raise $2.9 Trillion for a Safety Net

Please login to join discussion
Everything You Need To Know About Andrew Tate: Former Kickboxer Who Claims He Owns The Internet
Business Moguls

Everything You Need To Know About Andrew Tate: Former Kickboxer Who Claims He Owns The Internet

by Gerard Palmer
August 12, 2022
0

Andrew Tate is an American-British kickboxer and internet personality. He is well-known for his controversial comments and views on women/relationships....

Read more
Outsourcing Payment Processing

The Benefits of Outsourcing Payment Processing for Businesses

August 12, 2022
Website design

Top 10 Best Website Design Trends in 2022-2023

August 12, 2022
Greatest Inventions

The Greatest Inventions Of The Last 15 Years

August 12, 2022
Why Micro Businesses Should Outsource Blog Writing

Why Micro Businesses Should Outsource Blog Writing

August 12, 2022

Valiant CEOs & Entrepreneurs Share, Inspire, and Celebrate Outrageously Successful Ethical Businesses and their Leaders.

Contact Us

staff@valiantceo.com

Follow Us

Browse by Category

  • Business News
  • Business Wisdom
  • Interviews
  • Community
  • Tech & Business
  • Economy

Links

  • About us
  • Cookie Policy
  • Editorial Policy
  • Privacy & Policy
  • Contact
  • VIP Author

Recent News

Everything You Need To Know About Andrew Tate: Former Kickboxer Who Claims He Owns The Internet

Everything You Need To Know About Andrew Tate: Former Kickboxer Who Claims He Owns The Internet

August 12, 2022
Outsourcing Payment Processing

The Benefits of Outsourcing Payment Processing for Businesses

August 12, 2022

© 2021 ValiantCEO - All rights reserved

No Result
View All Result
  • Home
  • Interviews
  • Business Wisdom
  • Tech & Business
  • Business News
  • Economy
  • Community

© 2021 valiantceo

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In