What is a billionaires’ tax — and how would it work? Wyden’s new plan has answers.

What is a billionaires’ tax — and how would it work? Wyden’s new plan has answers.
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The prospect of a new “billionaires’ tax” is dawning while the chances dim for income tax and capital gains rate hikes on the rich. On Wednesday morning, Sen. Ron Wyden, chair of the Senate Finance Committee, shed light on the details of proposed “billionaire income tax” that, he says, is a “historic opportunity…to restore fairness to our tax code, and fund critical investments in American families.” Now the question is whether a tax on unrealized capital gains can become law in a spending bill that can’t afford any Democratic defectors.

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