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December 5, 2021

U.S. Voters

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Trust-Fund Baby CRIES Over Wealth Tax

1 min read

The trust-fund baby, Elon Musk, cries over this wealth tax. John Iadarola and Jayar Jackson break it down on The Damage Report. 

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Read more here: https://www.buzzfeednews.com/article/paulmcleod/democrats-sinema-billionaire-tax-plan-reconciliation

"Sen. Kyrsten Sinema is blocking Democrats from raising taxes on millionaires. Now they’re looking at an even more ambitious plan to crack down on billionaires instead.

It’s one of many twists from the tumultuous negotiations as Democrats figure out how to raise hundreds of billions of dollars in tax revenue to pay for their Build Back Better Act.

The initial plan raised the corporate tax rate and income tax rate for top earners but did not fundamentally reshape a tax code that gives extreme preferential treatment to the ultrawealthy."

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