Dems’ Billionaire Tax Proposal in Chaos: Ways and Means Chair Says Plan Scrapped – Senate Finance Chair Says Tax Plan is Not Dead

 

The Democrats’ so-called ‘billionaire tax’ proposal introduced by Senator Wyden on Wednesday is in total chaos.

A quick recap of what this horrifying tax policy does:

-applies to taxpayers making as little as $25 million, not “billionaires”

-retroactive tax hike on assets held for decades and never sold

-49% double death tax

-backdoor repeal of Opportunity Zones, 1031 exchanges, and gift tax exclusion

The chaos began when Democrat Senator Joe Manchin (WV) refused to jump on board and support the tax plan.

Ways and Means Chair Dem Rep. Richard Neal announced the tax proposal was out of Biden’s plan.

Then Senator Wyden came back and said the billionaires tax is not dead.

A professor at NYU’s Stern School of Business blasted Biden’s tax plan on CNBC Wednesday.

“If I were writing bad tax law, this is what it would look like,” the professor said.

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