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Top House tax writer says billionaires’ proposal out of Biden plan -Bloomberg -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO: Richard Neal, Chairman of U.S. House Ways and Means Committee (D-MA), speaks with reporters ahead of final House passage by the Biden Administration’s $1.9 trillion relief for coronavirus (COVID-19).

WASHINGTON (Reuters] – The U.S. House Ways and Means Chairman Richard Neal stated Wednesday that a proposal to tax billionaires’ wealth is under consideration to help pay President Joe Biden for his climate and social spending. Bloomberg News reported.

Bloomberg reported that House lawmakers will instead discuss a 3% surtax on top of the top rate for individuals earning more than $10,000,000.

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