🇺🇸 America’s billionaires could be facing a major tax crackdown as Democrats prepare to use their new congressional majorities to push higher taxes on the country’s wealthiest individuals.
Proposals include a federal wealth tax, additional taxes on incomes above $1 million, quadrupling the tax on corporate stock buybacks and closing loopholes used by wealthy investors.
Democrats also need new revenue to fund healthcare subsidies and protect Social Security, while confronting a federal deficit of roughly $2 trillion.
Trump has already promised to veto Democratic legislation, but some lawmakers see an advantage in forcing him to publicly reject tax increases on billionaires.
Senator Chris Van Hollen argues that such a confrontation would expose Trump’s priorities ahead of the 2028 presidential election.
The biggest obstacle remains whether Democrats can agree on a wealth tax that survives constitutional challenges, although more conventional tax increases may have a better chance.
Source: Politico / Writer: Mhedi