Biden Administration's Proposed 'Wealth Tax': Explained

Biden Administration's, Proposed 'Wealth Tax': , Explained.

President Joe Biden has proposed a tax on the assets of billionaires, the wealthiest .0005% of Americans, to help pay for his economic and social agenda.

ABC News explains that billionaires earn most of their money from wealth they've already amassed, including properties and stocks.

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Biden's proposed tax would apply to people with at least $1 billion in assets or those who've had $100 million in income for three straight years.

According to The Associated Press, those stipulations would mean that just 700 taxpayers would face the additional tax.

House Speaker Nancy Pelosi reportedly estimated that the tax would raise $200 billion to $250 billion.

ABC News points out that the figure falls considerably short of covering the nearly $2 trillion plan.

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The new tax would also face opposition questioning its legality.

According to ABC News, the Supreme Court would decide whether the proposal is interpreted as an unconstitutional direct tax on property or if it's a legal tax on income.

America's billionaires have reportedly seen their wealth surge 70% since the onset of the pandemic to over $5 trillion.

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America's billionaires have reportedly seen their wealth surge 70% since the onset of the pandemic to over $5 trillion.

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ABC News points out that there were 614 U.S. billionaires at the beginning of the pandemic.

That total has now jumped to 745