"There are two tax codes in America. The first is mandatory for workers who pay taxes out of every paycheck. The second is voluntary for billionaires who defer paying taxes for years, if not indefinitely"

Senate Finance Committee Chairman Ron Wyden is proposing a levy which "would apply to taxpayers who for three consecutive years have had assets worth at least $1 billion or have earned at least $100 million three years in a row. "

According to Bloomberg, the thresholds mean about 700 people would be affected, according to a summary of the plan."

"Even if the proposal does pass, collecting the several hundred billion dollars that Wyden’s office says it will raise depends on the rules withstanding likely court challenges and loophole-seeking by those in the IRS’s sights."

“There are two tax codes in America. The first is mandatory for workers who pay taxes out of every paycheck. The second is voluntary for billionaires who defer paying taxes for years, if not indefinitely,” Senator Wyden said in a statement. “Two tax codes allow billionaires to use largely untaxed income from wealth to build more wealth.

https://www.bloomberg.com/news/articles/2021-10-27/democrats-detail-billionaire-tax-to-fund-biden-spending-plan?

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