Pelosi Says Tax on Billionaire Assets Would Pay for Only 10% of Social Spending Bill

Asia's Tech News Daily

House Speaker Nancy Pelosi said on Sunday that a wealth tax will “probably” be introduced, “but it’s only 10 percent of what we need” to pay for the social spending bill being negotiated in Congress.

Pelosi Says Tax on Billionaire Assets Would Pay for Only 10% of Social Spending Bill
© Photo by Anna Moneymaker/Getty Images House Speaker Nancy Pelosi said that taxing billionaires would bring in only 10 percent of what is needed to pay for the cost of the reconciliation bill. Above, Pelosi gestures as she speaks at her weekly press conference at the U.S. Capitol Building on October 21 in Washington, DC.

She said that the tax on billionaires’ assets would bring around $200 billion to $250 billion in revenue over 10 years.

The tax “has an appeal, but it doesn’t produce that much money…the bill is not written yet. We hope it will be written today and introduced tomorrow,” she said on CNN’s State of the Union. “Only then can the joint tax committee evaluate what it brings in. We anticipate $200 to $250 billion, but we need closer to $2 trillion.”

The package aims to improve childcare, paid leave, Medicare, and housing and address the climate crisis among other proposals.

Treasury Secretary Janet Yellen said Sunday on CNN that a tax proposed by Senate Finance Committee Chair Ron Wyden would involve annually taxing unrealized capital gains on liquid assets that belong to billionaires.

“I wouldn’t call that a wealth tax, but it would help get at capital gains, which are an extraordinarily large part of the incomes of the wealthiest individuals and right now escape taxation until they’re realized,” Yellen said.

Wyden’s tax proposal will include a one-time tax on gains made to date, according to the Wall Street Journal. So a company founder with $5 billion mostly in unrealized gains would be taxed more heavily than an individual who just inherited that amount and has no such gains under the tax code.

Democrats in the House had hoped to increase the corporate tax rate from 21 percent to 26.5 percent, the top capital gains rate from 23.8 percent to 28.8 percent, and the top individual rate to 39.6 percent from 37 percent, according to the Journal. They also want a 3 percent surtax applied on income over $5 million.

Republican lawmakers have criticized Democrats about the proposed taxation and spending costs that are being currently negotiated, arguing that it would increase inflation, among other risks. Meanwhile, the National Taxpayers Union said that under the tax on billionaires, business investors would struggle and more bureaucracy would be added to the taxation system.

“There’s little confusion about the devastating economic impacts Democrats would bring about by ramming through their reckless taxing and spending spree: more taxes, more debt, and more painful inflation,” Senate Minority Leader Mitch McConnell said Thursday, according to the Journal.

Newsweek contacted Pelosi’s office, McConnell’s office, and the National Taxpayers Union for comments.

Related Articles

  • Bernie Sanders Says Medicare Expansion Will Remain in Spending Bill: ‘Not Coming Out’
  • Nancy Pelosi: Democrats ‘Pretty Much There’ in Budget Deal as Biden Meets With Joe Manchin
  • Joe Manchin: Reconciliation Deal ‘Not Going to Happen Anytime Soon’

Start your unlimited Newsweek trial

Internet Explorer Channel Network
Asia's Tech News Daily
News Related

OTHER NEWS

What Does It Mean to 'Yassify' Anything?

Twitter users are laughing over the altered images that have been shared by YassifyBot, an account that started popping up in people’s feeds this month. (Getty Images) “Girl With a ... Read more »

Mapisa-Nqakula commends SA for proposing initiatives to UN, WTO on COVID jabs

© @ParliamentofRSA/Twitter National Assembly Speaker Nosiviwe Mapisa-Nqakula addressed the IPU General Assembly in Madrid, Spain on 28 November 2021. The IPU is an international body of world parliaments. CAPE TOWN ... Read more »

Coronavirus digest: Japan bars foreign travelers as omicron spreads

© Provided by dw.com Japan is joining Israel in closing its borders to foreign travelers following the emergence of the omicron variant Just weeks after loosening some entry rules, Japan ... Read more »

Strict lockdown rules would ‘wipe out R64 billion' says tourism sector

© Provided by Daily News DURBAN – THE tourism sector could lose R64 billion should the country be placed under stricter lockdown levels over the festive season, according to the ... Read more »

Gun Free SA weighs in on gun control issue after proposed bill delayed

© pexels.com CAPE TOWN – Gun Free South Africa has added its voice to calls for stricter gun controls. Anti-gun lobbyists have been given another chance to weigh in on ... Read more »

Multiple countries close borders in response to the spread of the new coronavirus omicron variant

Due to the new corona variant omikron, Japan reintroduced strict border controls and banned all foreign visitors from entering the country. The stricter entry rules, which were announced on Monday, ... Read more »

India vs New Zealand 2021, Live Cricket Score: Axar removes Nicholls early after tea

© Provided by Firstpost India vs New Zealand 2021, Live Cricket Score: Axar removes Nicholls early after tea 14:40 (IST) After 65 overs,New Zealand 128/5 ( Kane Williamson (C) 24 ... Read more »

Politics latest news: Boosters for all announcement expected 'within hours'

Britain too attractive to migrants, say French Bexley Blue Wallers could give Boris a bloody nose  Action on NHS waiting lists expected amid omicron  Whispers suggest Joe Biden to replace Harris  The announcement ... Read more »

As new variant spreads rapidly, India revises guidelines for international travellers

© Provided by WION As fears of the new variant continue to grow, the Union Ministry of Health and Family Welfare on Sunday issued new guidelines for international travellers arriving ... Read more »

Satwiksairaj Rankireddy and Chirag Shetty first Indian men's doubles pair to qualify for BWF World Tour Finals

Indian men’s doubles badminton pair of Satwiksairaj Rankireddy and Chirag Shetty made history on Monday as they qualified for the BWF World Tour Finals to be played in Indonesia from ... Read more »

Samoa Joe to Hulk Hogan: 5 Departing WWE Stars Triple H and Vince McMahon Called

© Provided by News18 In the last few years, several World Wrestling Entertainment stars have departed from the WWE universe due to the company’s budged cut. While most of them ... Read more »

Our alliance will win Punjab assembly polls, says Amarinder Singh after meeting Haryana CM

© Provided by Hindustan Times Former Punjab chief minister Amarinder Singh. (HT Photo) Former Punjab chief minister Amarinder Singh on Monday said membership drive for his new party was going ... Read more »

Mumbai: HoHo buses to be launched on Tuesday

With the aim of making ‘Mumbai Darshan’ more fun and convenient for tourists, Maharashtra tourism and environment minister Aaditya Thackeray will launch the Hop on Hop off (HoHo) bus service ... Read more »

Is Salman Khan Attending Vicky Kaushal And Katrina Kaif's Wedding? Here's The Truth

© Provided by MensXP Rumoured lovebirds Katrina Kaif and Vicky Kaushal’s December wedding has been the talk of the town for the last several weeks. As per reports, they will ... Read more »

Nagaland's Iconic Hornbill Festival Is Back In Dec, So Plan That Winter Vacation ASAP

Nagaland’s Hornbill Festival is one of the most popular cultural destinations in the country. After it was cancelled last year, people are eagerly waiting to book tickets to Kohima. In ... Read more »

All about Vicky-Katrina's luxurious wedding venue

Vicky Kaushal and Katrina Kaif will get married in December. Vicky Kaushal and Katrina Kaif will reportedly get married in Rajasthan on December 9. While the couple hasn’t confirmed anything ... Read more »

PHOTOS: Malaika Arora begins her week with yoga as she steps out in neon, Kubbra Sait snapped ​

Bollywood’s eternal fitness diva Malaika Arora continues to dish out goals with her love for fitness. Despite travelling over the weekend, it was a no rest Monday for Malaika as ... Read more »

2 Millwall dilemmas facing Gary Rowett as December looms

© Provided by Football League World Tom Bradshaw Millwall ended a four-game unbeaten run at the MKM Stadium at the weekend, with Hull City running out as 2-1 winners.  George ... Read more »

Chandigarh: 32-year-old man arrested with 11gm cocaine

Chandigarh: 32-year-old man arrested with 11gm cocaine A 32-year-old man, a resident of Karnal, was arrested by Chandigarh police with 11gm cocaine at a naka in Sector 23 on Sunday. ... Read more »

Nawab Malik cannot say anything against Sameer Wankhede for 4 months till interim plea hearing

File photo of Nawab Malik The Bombay High Court has set aside the single-bench order of Justice Madhav Jamdar which held that Maharashtra minister Nawab Malik can speak against NCB ... Read more »

'Spider-Man: No Way Home' Ticket Listed For Rs 18 Lakh Online & People Are Like 'Humse Na Ho Payega'

© Provided by MensXP Spider-Man: No Way Home is one of the most awaited superhero films of all time. So much so that many are expecting it to challenge, if ... Read more »

Dollar edges higher, currencies pull back on Omicron-shock moves

FILE PHOTO: A picture illustration of U.S. dollar Swiss Franc British pound and Euro bank notes LONDON (Reuters) – The dollar edged higher, the euro fell and the yen steadied ... Read more »

Chitrangda Singh: I would be lying if I said I am not frustrated

© Provided by Radio City She remembers watching the spine-chilling contract killer in Sujoy Ghosh’s Kahaani (2012). Nine years later, Chitrangda Singh finds herself immersed in the world of Bob ... Read more »

Gazprom reports record quarter on surging gas prices, sees even better Q4

By Vladimir Soldatkin and Oksana Kobzeva © Reuters/Maxim Shemetov Logo of Gazprom Neft oil company is seen at petrol station in Moscow MOSCOW (Reuters) -Russia’s Gazprom on Monday reported a ... Read more »

Ange Postecoglou turns Celtic into passing kings of the world as 'Ange-ball' leads Manchester City and Bayern Munich

After some initial uncertainty over his appointment, Celtic fans are loving life under Ange Postecoglou. The Greek-Australian boss has clear and uncompromising ideas about how the game should be played, ... Read more »

One in 16 UK homes changed hands in 2021

© Provided by This Is Money MailOnline logo This year is set to be the UK’s busiest in terms of housing transactions since the financial crisis, as one in 16 ... Read more »

The Guardian editorial: how does a newspaper decide what it thinks?

Photograph: Van Hoepen/Getty Images A newspaper’s views evolve but its leader columns represent a palimpsest of its history, where layer upon layer of thought has been inscribed. So how does ... Read more »

Cash in the Attic reboot with Chris Kamara and Jules Hudson

© Bang Showbiz Chris Kamara is joining as co-host ‘Cash in the Attic’ is returning with co-hosts Chris Kamara and Jules Hudson. The football pundit has signed up for the ... Read more »

Chelsea face nightmare Premier League fixture pile-up as Club World Cup dates confirmed

Chelsea are set to go a month without playing a Premier League fixture after the dates for the Club World Cup were confirmed. The Blues are currently top of the ... Read more »

Saya terima sumbangan wang untuk baiki sekolah, Nazri beritahu mahkamah

© Provided by Free Malaysia Today Nazri Aziz berkata, beliau memperkenalkan ahli perniagaan Zarul Ahmad Mohd Zulkifli kepada bekas Ketua Menteri Pulau Pinang Lim Guan Eng. KUALA LUMPUR: Seorang bekas ... Read more »

Tory Woke Wars: 5 New 'Nonsense' Culture Rows Whipped Up This Week

This week has seen a flurry of anti-woke stories (Photo: HuffPost UK) First it was statues, then it was footballers taking the knee, now the new culture war is about ... Read more »

Fake thermometers that only show 37°C sold online, worth more than S$14,000 seized, woman busted

© The Independent Singapore Singapore — A Singapore Police Force (SPF) press release on Sunday (Nov 28) confirmed that a 33-year-old woman was arrested for her suspected involvement in the ... Read more »

Saudi Arabian Grand Prix will suit Lewis Hamilton more than Max Verstappen, Red Bull chief admits

This weekend’s Saudi Arabia Grand Prix will suit Lewis Hamilton more than Max Verstappen, according to Red Bull chief Christian Horner. © Getty Images Hamilton and Verstappen will lock horns ... Read more »

Gio must avoid 1st Rangers disaster with £21k-p/w "student" who's a "joy to work with" - opinion

© Provided by Football FanCast 2021-09-30T162603Z_2080354581_UP1EH9U19NC1Q_RTRMADP_3_SOCCER-EUROPA-SPP-RFC-REPORT (1) An update has emerged regarding interest in Rangers gem Ianis Hagi from mainland Europe… What’s the talk? According to Romanian outlet Eurosport, via ... Read more »

Prince Charles calls in lawyers over claims he was ‘royal racist' after aides blast allegations as ‘fiction'

PRINCE Charles last night called in lawyers over claims he was the “royal racist” — branding them “fiction”. Aides rubbished allegations that Charles questioned the future skin tone of Prince ... Read more »

I quit my £90k job but still saved £24k in one year – here's my 13 tips for a VERY budget Christmas your kids will love

FORMER high-flyer Kel Galavan quit her job in 2018 – but still managed to save an astonishing £24k.  The former high-flyer, from Kildare, 30 miles west of Dublin, lives with ... Read more »

Michelle Keegan stuns in black blazer as she glams up for date night with husband Mark Wright

MICHELLE Keegan looked incredible last night as she glammed up for a fancy dinner date with husband Mark Wright. The actress, 34, posed for a smiley snap after polishing off ... Read more »

Our favourite IPL hair removal machine has 22% off this Black Friday weekend

The attachment head rotates 180-degrees, an industry-first according to the brand (iStock/The Independent) Black Friday 2021 is in full swing, with the final day of the huge event, known as ... Read more »
On free-english-test.com you will find lots of free English exam practice materials to help you improve your English skills: grammar, listening, reading, writing, ielts, toeic