Efforts to tax 700 of the richest Americans, who would still be obscenely rich even after being taxed, have now failed once again. According to new information coming out of Washington, the initial bill would’ve essentially taxed the stocks and bonds held by the richest of the rich.
What most don’t realize is that stocks and bonds aren’t actually taxed until they’re pretty much sold. But with tax deductions and the like — those taxes often amount to little if one is versed in taxes or has a really good accountant.
The bill was only introduced hours ago as Democrats had hoped to use it to fund Biden’s massive infrastructure package. A package that has largely been defeated by his own Democratic Party and should be concerned a monumental failure.
Rep Richard Neal confirmed on Wednesday afternoon that the suggestion was out of Biden’s bill. It is not entirely clear if that was due to opposition from his own party members, or, over concerns that to implement such a plan would be monstrous for an already antiquated American government system.