<p>"Tax the rich" remained one of the most popular slogans in recent years to bridge the gap between the rich and poor, as over the years, people have shown frustration over very wealthy people and corporations not paying their fair share of taxes.&nbsp;</p>

<p>The same call was made on Wednesday (Jan 17) at the annual World Economic Forum in Davos, Switzerland as more than 250 billionaires and millionaires demanded an introduction of wealth taxes to be paid for better public services worldwide.&nbsp;</p>

<p>In an open letter to world leaders, the wealthy people said: "We are surprised that you have failed to answer a simple question that we have been asking for three years: when will you tax extreme wealth?"&nbsp;</p>

<p><strong>Also read:&nbsp;<a href="https://www.wionews.com/world/blinken-says-us-sees-india-as-extraordinary-success-story-praises-modi-govt-680985">Blinken says US sees India as ‘extraordinary success story’, praises Modi govt</a>&nbsp;</strong></p>

<p>"Our request is simple: we ask you to tax us, the very richest in society," added the letter, whose title is "Proud To Pay More".&nbsp;</p>

<p>"This will not fundamentally alter our standard of living, nor deprive our children, nor harm our nation’s economic growth. But it will turn extreme and unproductive private wealth into an investment for our common democratic future," it further read.&nbsp;</p>

<p>Those who signed the letter include, screenwriter Simon Pegg, Disney heir Abigail Disney, and Valerie Rockefeller, who is an heir to the famed US family.&nbsp;</p>

<p>As quoted by CNBC, <em>Succession</em> TV series star Brian Cox, who is also a signatory, said: "Billionaires are wielding their extreme wealth to accumulate political power and influence, simultaneously undermining democracy and the global economy."&nbsp;</p>

<p>"It's long past time to act. If our elected officials refuse to address this concentration of money and power, the consequences will be dire," said the actor, who played fictional billionaire Logan Roy in <em>Succession</em>.&nbsp;</p>

<p><strong>Watch:&nbsp;Blinken praises India at World Economic Forum</strong></p>

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<p><strong>Also read:&nbsp;<a href="https://www.wionews.com/south-asia/exclusive-pakistan-calls-airspace-violation-by-iran-sad-incident-says-have-taken-measures-680919">Exclusive: Pakistan calls airspace violation by Iran ‘sad incident’, says ‘have taken measures’</a>&nbsp;</strong></p>

<h2><strong>Oxfam report on the world's five richest men&nbsp;</strong></h2>

<p>The calls for "tax the rich" come a few days after the charity Oxfam revealed that the world's wealthiest five men have more than doubled their fortune since 2020. It urged the nations to resist the ultra-rich's influence over tax policy.&nbsp;</p>

<p>A report, published at the World Economic Forum in Davos this week, said their wealth rose from $405 billion in 2020 to $869 billion last year.&nbsp;</p>

<p>Oxfam said that yet since 2020, nearly five billion people worldwide have grown poorer.&nbsp;</p>

<p>Billionaires are today $3.3 trillion richer than they were in 2020, despite many crises devastating the world's economy since this decade began, including the Covid pandemic.&nbsp;</p>

<p><em>(With inputs from agencies)&nbsp;</em></p>


"Tax the rich" remained one of the most popular slogans in recent years to bridge the gap between the rich and poor, as over the years, people have shown frustration over very wealthy people and corporations not paying their fair share of taxes.

"Tax the rich" remained one of the most popular slogans in recent years to bridge the gap between the rich and poor, as over the years, people have shown frustration over very wealthy people and corporations not paying their fair share of taxes. The same call was made on Wednesday (Jan 17) at the annual World Economic Forum in Davos, Switzerland as more than 250 billionaires and millionaires demanded an introduction of wealth taxes to be paid for better public services worldwide. In an open letter to world leaders, the wealthy people said: "We are surprised that you have failed to answer a simple question that we have been asking for three years: when will you tax extreme wealth?" Also read: Blinken says US sees India as ‘extraordinary success story’, praises Modi govt "Our request is simple: we ask you to tax us, the very richest in society," added the letter, whose title is "Proud To Pay More". "This will not fundamentally alter our standard of living, nor deprive our children, nor harm our nation’s economic growth. But it will turn extreme and unproductive private wealth into an investment for our common democratic future," it further read. Those who signed the letter include, screenwriter Simon Pegg, Disney heir Abigail Disney, and Valerie Rockefeller, who is an heir to the famed US family. As quoted by CNBC, Succession TV series star Brian Cox, who is also a signatory, said: "Billionaires are wielding their extreme wealth to accumulate political power and influence, simultaneously undermining democracy and the global economy." "It's long past time to act. If our elected officials refuse to address this concentration of money and power, the consequences will be dire," said the actor, who played fictional billionaire Logan Roy in Succession. Watch: Blinken praises India at World Economic Forum × Also read: Exclusive: Pakistan calls airspace violation by Iran ‘sad incident’, says ‘have taken measures’ Oxfam report on the world's five richest men The calls for "tax the rich" come a few days after the charity Oxfam revealed that the world's wealthiest five men have more than doubled their fortune since 2020. It urged the nations to resist the ultra-rich's influence over tax policy. A report, published at the World Economic Forum in Davos this week, said their wealth rose from $405 billion in 2020 to $869 billion last year. Oxfam said that yet since 2020, nearly five billion people worldwide have grown poorer. Billionaires are today $3.3 trillion richer than they were in 2020, despite many crises devastating the world's economy since this decade began, including the Covid pandemic. (With inputs from agencies)

Calls for 'tax the rich' echo again at World Economic Forum: 'When will you tax extreme wealth?'

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WION Climate Tracker: Belgium to impose tax on private jets, short-haul flights

<p>On Sunday, Tesla Inc Chief Executive Elon Musk and US Senator Bernie Sanders got into a spat after Sanders demanded that the wealthy pay their "fair share" of taxes.</p>

<p>"We must demand that the extremely wealthy pay their fair share. Period," Sanders wrote on Twitter.&nbsp;</p>

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<p dir="ltr" lang="en">We must demand that the extremely wealthy pay their fair share. Period.</p>
— Bernie Sanders (@SenSanders) <a href="https://twitter.com/SenSanders/status/1459584250668331011?ref_src=twsrc%5Etfw">November 13, 2021</a></blockquote>
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<p><strong>Also read |&nbsp;</strong><a href="https://www.wionews.com/world/579-percent-vote-yes-twitter-wants-elon-musk-to-sell-10-percent-of-his-tesla-stock-427552"><strong>57.9 percent vote 'yes'; Twitter wants Elon Musk to sell 10 percent of his Tesla stock</strong></a></p>

<p>Musk responded by taking a dig at the 80-year-old senator and saying, "I keep forgetting you're still alive."</p>

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<p dir="ltr" lang="en">I keep forgetting that you’re still alive</p>
— Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1459891238384115722?ref_src=twsrc%5Etfw">November 14, 2021</a></blockquote>
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<p>Sanders and Musk have sparred previously too, with the Senator telling Musk to "focus on Earth" instead of using his wealth to travel to other planets.</p>

<p>As of Nov. 12, the billionaire CEO had already offloaded shares worth a combined $6.9 billion in the electric car company.&nbsp;</p>

<p>Taking another poke at Senator Sanders, Musk then tweeted, "Want me to sell more stock, Bernie? Just say the word."</p>

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<p dir="ltr" lang="en">Want me to sell more stock, Bernie? Just say the word …</p>
— Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1459904966194253824?ref_src=twsrc%5Etfw">November 14, 2021</a></blockquote>
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<p>The tweet by Sanders comes amid efforts in Washington to raise taxes on the ultra-wealthy.</p>

<p>Senate Democrats have proposed taxing billionaires' stocks and other tradeable assets in order to finance President Biden's social spending agenda and to close a loophole that allows these super-rich individuals to defer capital gains taxes indefinitely.</p>

<p>On Twitter a week ago, Musk said he would sell 10 per cent of his shares if social media users endorsed the move. He had said that he would “abide by the results of this poll, whichever way it goes.” &nbsp;</p>

<p><strong>Also read |&nbsp;<a href="https://www.wionews.com/world/true-to-his-promise-elon-musk-sells-930000-shares-of-tesla-stock-worth-11-billion-428386">True to his promise, Elon Musk sells 930,000 shares of Tesla stock worth $1.1 billion</a></strong></p>

<p>After about 57.9 per cent of people voted in support of the stock sale, staying true to his promise Musk sold 930,000 shares of his company stock, which amounted to over $1.1 billion.</p>

<p>Following this Musk once again sold 1.2 million shares held by his trust for over $1.2 billion on November 12.</p>

<p><strong>Watch |&nbsp;Elon Musk is willing to spend $6 billion to fight world hunger, but with a plan&nbsp;</strong></p>

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/elon-musk-is-willing-to-spend-6-billion-to-fight-world-hunger-but-with-a-plan-426189/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>


On Sunday, Tesla Inc Chief Executive Elon Musk and US Senator Bernie Sanders got into a spat after Sanders demanded that the wealthy pay their "fair share" of taxes.

On Sunday, Tesla Inc Chief Executive Elon Musk and US Senator Bernie Sanders got into a spat after Sanders demanded that the wealthy pay their "fair share" of taxes. "We must demand that the extremely wealthy pay their fair share. Period," Sanders wrote on Twitter. We must demand that the extremely wealthy pay their fair share. Period. — Bernie Sanders (@SenSanders) November 13, 2021 × Also read | 57.9 percent vote 'yes'; Twitter wants Elon Musk to sell 10 percent of his Tesla stock Musk responded by taking a dig at the 80-year-old senator and saying, "I keep forgetting you're still alive." I keep forgetting that you’re still alive — Elon Musk (@elonmusk) November 14, 2021 × Sanders and Musk have sparred previously too, with the Senator telling Musk to "focus on Earth" instead of using his wealth to travel to other planets. As of Nov. 12, the billionaire CEO had already offloaded shares worth a combined $6.9 billion in the electric car company. Taking another poke at Senator Sanders, Musk then tweeted, "Want me to sell more stock, Bernie? Just say the word." Want me to sell more stock, Bernie? Just say the word … — Elon Musk (@elonmusk) November 14, 2021 × The tweet by Sanders comes amid efforts in Washington to raise taxes on the ultra-wealthy. Senate Democrats have proposed taxing billionaires' stocks and other tradeable assets in order to finance President Biden's social spending agenda and to close a loophole that allows these super-rich individuals to defer capital gains taxes indefinitely. On Twitter a week ago, Musk said he would sell 10 per cent of his shares if social media users endorsed the move. He had said that he would “abide by the results of this poll, whichever way it goes.” Also read | True to his promise, Elon Musk sells 930,000 shares of Tesla stock worth $1.1 billion After about 57.9 per cent of people voted in support of the stock sale, staying true to his promise Musk sold 930,000 shares of his company stock, which amounted to over $1.1 billion. Following this Musk once again sold 1.2 million shares held by his trust for over $1.2 billion on November 12. Watch | Elon Musk is willing to spend $6 billion to fight world hunger, but with a plan

'I keep forgetting you're still alive': Elon Musk takes a dig at Bernie Sanders, offers to sell more stock

<p>The majority of those who voted on Tesla Inc CEO Elon Musk's Twitter poll think he should sell ten per cent of his company's stock.</p>

<p>For the uninitiated, Musk recently got into a heated Twitter exchange with UN World Food Programme (WFP) chief David Beasley following a suggestion by the WFP, that billionaires like Jeff Bezos and Elon Musk could donate a portion of their wealth to help end world hunger.</p>

<p><strong>Also read |&nbsp;<a href="https://www.wionews.com/world/elon-musk-proposes-to-sell-10-of-his-tesla-stock-in-twitter-poll-427341">Elon Musk proposes to sell 10% of his Tesla stock in Twitter poll</a></strong></p>

<p>During the days-long spat, the two exchanged some fiery tweets. Finally, the world's richest person on Saturday took to Twitter to survey his 62.6 million followers about whether he should sell ten per cent of his stock in the electric car company.</p>

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<p dir="ltr" lang="en">Much is made lately of unrealized gains being a means of tax avoidance, so I propose selling 10% of my Tesla stock.<br />
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Do you support this?</p>
— Lorde Edge (@elonmusk) <a href="https://twitter.com/elonmusk/status/1457064697782489088?ref_src=twsrc%5Etfw">November 6, 2021</a></blockquote>
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<p>The public has spoken. There was 57.9 per cent support for the billionaire selling part of his stock. More than 3.5 million people voted in the poll.</p>

<p>"I was prepared to accept either outcome," Musk said, after the voting ended.</p>

<p><strong>Also read|&nbsp;<a href="https://www.wionews.com/world/staring-into-an-abyss-un-says-3-million-in-afghanistan-45-million-worldwide-knocking-at-famines-door-427541" hreflang="en">'Staring into an abyss': UN says 3 million in Afghanistan, 45 million worldwide knocking at famine's door</a></strong></p>

<p>According to Reuters calculations, Musk holds 170.5 million Tesla shares as of June 30, and selling 10 per cent&nbsp;would be worth close to $21 billion based on Friday's closing price.</p>

<p>"Much is made lately of unrealized gains being a means of tax avoidance, so I propose selling 10% of my Tesla stock," Musk said on Saturday, adding that he does not take cash salary or bonus "from anywhere", and only has stock.</p>

<p><strong>Also read |&nbsp;<a href="https://www.wionews.com/world/meet-me-on-earth-or-in-space-wfp-chief-fires-new-tweet-at-elon-musk-426140">Meet me on Earth or in space: WFP chief fires new tweet at Elon Musk</a></strong></p>

<p>The US Senate Democrats are planning to tax billionaires' stocks and other tradeable assets to help finance President Joe Biden's social spending agenda. The goal is to close a loophole that has allowed them (billionaires) to defer capital gains taxes indefinitely.</p>

<p>Musk has criticized the proposal, saying, "Eventually, they run out of other people’s money and then they come for you."</p>

<p><strong>Watch |&nbsp;Elon Musk is willing to spend $6 billion to fight world hunger, but with a plan</strong></p>

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<p>Senate Finance Committee Chairman Ron Wyden, who floated the tax proposal, tweeted on Saturday: "Whether or not the world’s wealthiest man pays any taxes at all shouldn’t depend on the results of a Twitter poll. It’s time for the Billionaires Income Tax."</p>

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<p dir="ltr" lang="en">Whether or not the world’s wealthiest man pays any taxes at all shouldn’t depend on the results of a Twitter poll. It’s time for the Billionaires Income Tax. <a href="https://t.co/KFHw3VZ45H">https://t.co/KFHw3VZ45H</a></p>
— Ron Wyden (@RonWyden) <a href="https://twitter.com/RonWyden/status/1457110175932846080?ref_src=twsrc%5Etfw">November 6, 2021</a></blockquote>
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<p>Musk owns 23 per cent of Tesla, which is the world's most valuable automobile company, and whose market value is now over $1 trillion. Among his other valuable businesses is SpaceX.</p>


The majority of those who voted on Tesla Inc CEO Elon Musk's Twitter poll think he should sell ten per cent of his company's stock. For the uninitiated, Musk recently got into a heated Twitter exchange with UN World Food Programme (WFP) chief David Beasley following a suggestion by the WFP, that billionaires like Jeff Bezos and Elon Musk could donate a portion of their wealth to help end world hunger.

The majority of those who voted on Tesla Inc CEO Elon Musk's Twitter poll think he should sell ten per cent of his company's stock. For the uninitiated, Musk recently got into a heated Twitter exchange with UN World Food Programme (WFP) chief David Beasley following a suggestion by the WFP, that billionaires like Jeff Bezos and Elon Musk could donate a portion of their wealth to help end world hunger. Also read | Elon Musk proposes to sell 10% of his Tesla stock in Twitter poll During the days-long spat, the two exchanged some fiery tweets. Finally, the world's richest person on Saturday took to Twitter to survey his 62.6 million followers about whether he should sell ten per cent of his stock in the electric car company. Much is made lately of unrealized gains being a means of tax avoidance, so I propose selling 10% of my Tesla stock. Do you support this? — Lorde Edge (@elonmusk) November 6, 2021 × The public has spoken. There was 57.9 per cent support for the billionaire selling part of his stock. More than 3.5 million people voted in the poll. "I was prepared to accept either outcome," Musk said, after the voting ended. Also read| 'Staring into an abyss': UN says 3 million in Afghanistan, 45 million worldwide knocking at famine's door According to Reuters calculations, Musk holds 170.5 million Tesla shares as of June 30, and selling 10 per cent would be worth close to $21 billion based on Friday's closing price. "Much is made lately of unrealized gains being a means of tax avoidance, so I propose selling 10% of my Tesla stock," Musk said on Saturday, adding that he does not take cash salary or bonus "from anywhere", and only has stock. Also read | Meet me on Earth or in space: WFP chief fires new tweet at Elon Musk The US Senate Democrats are planning to tax billionaires' stocks and other tradeable assets to help finance President Joe Biden's social spending agenda. The goal is to close a loophole that has allowed them (billionaires) to defer capital gains taxes indefinitely. Musk has criticized the proposal, saying, "Eventually, they run out of other people’s money and then they come for you." Watch | Elon Musk is willing to spend $6 billion to fight world hunger, but with a plan Senate Finance Committee Chairman Ron Wyden, who floated the tax proposal, tweeted on Saturday: "Whether or not the world’s wealthiest man pays any taxes at all shouldn’t depend on the results of a Twitter poll. It’s time for the Billionaires Income Tax." Whether or not the world’s wealthiest man pays any taxes at all shouldn’t depend on the results of a Twitter poll. It’s time for the Billionaires Income Tax. https://t.co/KFHw3VZ45H — Ron Wyden (@RonWyden) November 6, 2021 × Musk owns 23 per cent of Tesla, which is the world's most valuable automobile company, and whose market value is now over $1 trillion. Among his other valuable businesses is SpaceX.

57.9 percent vote 'yes'; Twitter wants Elon Musk to sell 10 percent of his Tesla stock

<p>House Democrats on Monday presented a plan to pay for their expansive social policy and climate change package by raising taxes by more than $2 trillion, largely on wealthy individuals and profitable corporations.</p>

<p>But the proposal, while substantial in scope, stopped well short of changes needed to dent the vast fortunes of tycoons like Jeff Bezos and Elon Musk, or to thoroughly close the most egregious loopholes exploited by high flying captains of finance. It aimed to go after the merely rich more than the fabulously rich.</p>

<p>Facing the delicate politics of a narrowly divided Congress, senior House Democrats opted to be more mindful of moderate concerns in their party than of its progressive ambitions. They focused on traditional ways of raising revenue: by raising tax rates on income rather than targeting wealth itself.</p>

<p>Rep. Dan Kildee, D-Mich., who is on the Ways and Means Committee, which crafted the plan, called it “the boldest common denominator.”</p>

<p>“Being for something doesn’t make it law; 218 votes in the House, 50 votes in the Senate and the president’s signature make it law,” he said, adding, “What I don’t want is another noble defeat.”</p>

<p>The proposal includes nearly $2.1 trillion in increased tax revenues, the nonpartisan Joint Committee on Taxation estimated on Monday. Democrats say those increases will go a long way to funding President Joe Biden’s ambitions to expand the federal government’s role in education, health care, climate change, paid leave and more.</p>

<p>But the bill dispenses with measures floated by the White House and Senate Democrats to tax wealth or to close off avenues that the super-rich have exploited to pass on a lifetime of gains to their heirs tax-free.</p>

<p>“It would be a monumental mistake for Congress to pass a bill that really exempts billionaires,” said Sen. Ron Wyden of Oregon, the Democratic chairman of the Finance Committee.</p>

<p>Key Democrats cautioned Monday that the House proposal was likely to change — perhaps considerably — as Biden’s economic agenda wends its way through the House and Senate, where Democrats hold slim majorities and must hold nearly every member of their ideologically diverse caucus together. But White House officials welcomed the Ways and Means plan and said it took important steps toward the president’s vision of a tax code that rewards ordinary workers at the expense of the very rich.</p>

<p>The proposal includes substantial measures to raise taxes on the rich. Taxable income over $450,000 — or $400,000 for unmarried individuals — would be taxed at 39.6%, the top rate before President Donald Trump’s 2017 tax cut brought it to 37%. The top capital gains rate would rise to 25% from 20%, considerably less than a White House proposal that would have taxed investment gains as income for the richest, at 39.6%.</p>

<p>Under the committee’s plan, a 3% surtax would be applied to incomes over $5 million. The value of estates shielded from estate taxation, which doubled to $24 million for married couples under the Republican tax cuts of 2017, would go back to $12 million at the end of this year, four years earlier than the scheduled expiration.</p>

<p>The proposal would also raise taxes in a variety of ways on businesses called pass-through entities — like many law firms and financial companies — that distribute profits to their owners, who then pay individual income taxes on them. Those changes, including the extension of an existing 3.8% surtax to include pass-through income, would raise taxes primarily on high earners, generating several hundred billion dollars in revenues, by Democratic estimates.</p>

<p>The joint committee estimated Monday that the changes would raise about $1 trillion from high-income individuals.</p>

<p>Republicans balked at the proposal. Business lobbying groups rejected the package, with the U.S. Chamber of Commerce slamming it as “an existential threat to America’s fragile economic recovery and future prosperity.”</p>

<p>“President Biden, Speaker Nancy Pelosi and House Democrats are ramming through trillions of wasteful spending and crippling tax hikes that will drive prices up even higher, kill millions of American jobs and drive them overseas, and usher in a new era of government dependency with the greatest expansion of the welfare state in our lifetimes,” Rep. Kevin Brady of Texas, the committee’s ranking Republican, said of the plan.</p>

<p>But what is not included is notable. The richest of the rich earn little from actual paychecks (Bezos’ salary as the founder of Amazon was $81,840 in 2020), so a surtax on income would have little impact. Their vast fortunes in stocks, bonds, real estate and other assets grow largely untaxed each year.</p>

<p>“The proposal is extremely modest in the area of structural change,” said Eric Toder, a co-director of the nonpartisan Tax Policy Center in Washington. “Mostly, it is about raising rates on existing tax bases.”</p>

<p>In the Senate, Democrats are taking aim directly at accumulated wealth. The Finance Committee has proposed a one-time surtax on billionaires’ fortunes, followed by annual levies on the gains in value of billionaires’ assets, similar to the way property taxes are adjusted each year to reflect gains in housing values.</p>

<p>Biden’s expansive tax proposals, during his campaign and as president, did not include a wealth tax. But he and top senators had called for a variety of measures to more heavily tax inherited wealth and the investments of very high earners.</p>

<p>Rep. Bill Pascrell Jr., D-N.J., who is on the Ways and Means Committee, conceded Monday that large swaths of wealth in the country were tied up in assets, not large salaries. But he said many Democrats were leery of going too far.</p>

<p>“I am very suspect of a wealth tax,” he said. “I think it’s perceived as ‘soak the rich.’ I don’t think it is, but that’s how it’s perceived.”</p>

<p>The committee did take aim at a loophole in retirement savings exploited by billionaire Peter Thiel, who, according to a ProPublica investigation, was able to take a Roth individual retirement account worth less than $2,000 in 1999 and grow it to $5 billion, which could be completely shielded from taxation.</p>

<p>To prevent such exploitation, the Ways and Means Committee would stop contributions to retirement accounts once they reach $10 million.</p>

<p>In other areas, the committee appears to be making only glancing blows at the wealthiest Americans. Former President Barack Obama, Trump and Biden have all vowed to close the so-called carried interest loophole, in which private equity managers pay low capital gains taxes on the fees they charge clients, asserting that the money is not income because it is drawn from their clients’ investment gains.</p>

<p>Senate Democrats have proposed closing the loophole completely, saving Treasury $63 billion over 10 years. The House proposal would merely limit the practice, forcing Wall Street financiers to hold their clients’ investment gains for five years before claiming them as capital gains and cashing out. It would save $14 billion, a fraction of the Senate proposal.</p>

<p>Another item missing from the House plan: a measure to tax inheritances more aggressively. Biden and many other Democrats want assets such as stocks and real estate to be taxed when they are inherited by wealthy heirs, based on the gain in value from the time the original owner purchased them. Under current law, such assets face capital gains taxation only when they are sold, according to their worth when they were inherited, allowing all the gain in value over the lifetimes of the superwealthy to go untaxed as long as they are passed on to heirs.</p>

<p>But the new proposal faced a fierce lobbying campaign, led by rural Democrats like former Sens. Heidi Heitkamp of North Dakota and Max Baucus of Montana. Rep. Richard E. Neal of Massachusetts, the Democratic chairman of the Ways and Means Committee, left it out.</p>

<p>To some liberals, Neal’s pragmatism felt more like surrender.</p>

<p>“America’s billionaires are popping Champagne tonight as the House Ways and Means Committee — led by Chair Richie Neal — fails the president, fails the country and fails history,” said Erica Payne, the president of Patriotic Millionaires, a group of wealthy liberals that embraces much higher taxes on the rich.</p>

<p>Some Democrats expressed surprise Monday at Neal’s political calculations.</p>

<p>“A wealth tax? I don’t know anyone who says that’s not working for them politically,” said Rep. Donald Beyer Jr., D-Va., a member of the committee.</p>

<p>But with Sen. Joe Manchin III, D-W.Va., suggesting that the final package might have to be half the size of the House plan, Beyer said he understood why Democratic leaders did not want to make vulnerable lawmakers embrace the most aggressive options.</p>

<p>“People will be saying, ‘You raised our taxes by $2.9 trillion,’” Beyer said. “Pelosi and leadership do not want to put a lot of threatened members on anything that’s just going to die in the Senate.”</p>

<p>White House officials on Monday welcomed the House plan, while acknowledging that it was far from a final product.</p>

<p>“We see it as a first step,” said Karine Jean-Pierre, the deputy White House press secretary.</p>


House Democrats on Monday presented a plan to pay for their expansive social policy and climate change package by raising taxes by more than $2 trillion, largely on wealthy individuals and profitable corporations.

House Democrats on Monday presented a plan to pay for their expansive social policy and climate change package by raising taxes by more than $2 trillion, largely on wealthy individuals and profitable corporations. But the proposal, while substantial in scope, stopped well short of changes needed to dent the vast fortunes of tycoons like Jeff Bezos and Elon Musk, or to thoroughly close the most egregious loopholes exploited by high flying captains of finance. It aimed to go after the merely rich more than the fabulously rich. Facing the delicate politics of a narrowly divided Congress, senior House Democrats opted to be more mindful of moderate concerns in their party than of its progressive ambitions. They focused on traditional ways of raising revenue: by raising tax rates on income rather than targeting wealth itself. Rep. Dan Kildee, D-Mich., who is on the Ways and Means Committee, which crafted the plan, called it “the boldest common denominator.” “Being for something doesn’t make it law; 218 votes in the House, 50 votes in the Senate and the president’s signature make it law,” he said, adding, “What I don’t want is another noble defeat.” The proposal includes nearly $2.1 trillion in increased tax revenues, the nonpartisan Joint Committee on Taxation estimated on Monday. Democrats say those increases will go a long way to funding President Joe Biden’s ambitions to expand the federal government’s role in education, health care, climate change, paid leave and more. But the bill dispenses with measures floated by the White House and Senate Democrats to tax wealth or to close off avenues that the super-rich have exploited to pass on a lifetime of gains to their heirs tax-free. “It would be a monumental mistake for Congress to pass a bill that really exempts billionaires,” said Sen. Ron Wyden of Oregon, the Democratic chairman of the Finance Committee. Key Democrats cautioned Monday that the House proposal was likely to change — perhaps considerably — as Biden’s economic agenda wends its way through the House and Senate, where Democrats hold slim majorities and must hold nearly every member of their ideologically diverse caucus together. But White House officials welcomed the Ways and Means plan and said it took important steps toward the president’s vision of a tax code that rewards ordinary workers at the expense of the very rich. The proposal includes substantial measures to raise taxes on the rich. Taxable income over $450,000 — or $400,000 for unmarried individuals — would be taxed at 39.6%, the top rate before President Donald Trump’s 2017 tax cut brought it to 37%. The top capital gains rate would rise to 25% from 20%, considerably less than a White House proposal that would have taxed investment gains as income for the richest, at 39.6%. Under the committee’s plan, a 3% surtax would be applied to incomes over $5 million. The value of estates shielded from estate taxation, which doubled to $24 million for married couples under the Republican tax cuts of 2017, would go back to $12 million at the end of this year, four years earlier than the scheduled expiration. The proposal would also raise taxes in a variety of ways on businesses called pass-through entities — like many law firms and financial companies — that distribute profits to their owners, who then pay individual income taxes on them. Those changes, including the extension of an existing 3.8% surtax to include pass-through income, would raise taxes primarily on high earners, generating several hundred billion dollars in revenues, by Democratic estimates. The joint committee estimated Monday that the changes would raise about $1 trillion from high-income individuals. Republicans balked at the proposal. Business lobbying groups rejected the package, with the U.S. Chamber of Commerce slamming it as “an existential threat to America’s fragile economic recovery and future prosperity.” “President Biden, Speaker Nancy Pelosi and House Democrats are ramming through trillions of wasteful spending and crippling tax hikes that will drive prices up even higher, kill millions of American jobs and drive them overseas, and usher in a new era of government dependency with the greatest expansion of the welfare state in our lifetimes,” Rep. Kevin Brady of Texas, the committee’s ranking Republican, said of the plan. But what is not included is notable. The richest of the rich earn little from actual paychecks (Bezos’ salary as the founder of Amazon was $81,840 in 2020), so a surtax on income would have little impact. Their vast fortunes in stocks, bonds, real estate and other assets grow largely untaxed each year. “The proposal is extremely modest in the area of structural change,” said Eric Toder, a co-director of the nonpartisan Tax Policy Center in Washington. “Mostly, it is about raising rates on existing tax bases.” In the Senate, Democrats are taking aim directly at accumulated wealth. The Finance Committee has proposed a one-time surtax on billionaires’ fortunes, followed by annual levies on the gains in value of billionaires’ assets, similar to the way property taxes are adjusted each year to reflect gains in housing values. Biden’s expansive tax proposals, during his campaign and as president, did not include a wealth tax. But he and top senators had called for a variety of measures to more heavily tax inherited wealth and the investments of very high earners. Rep. Bill Pascrell Jr., D-N.J., who is on the Ways and Means Committee, conceded Monday that large swaths of wealth in the country were tied up in assets, not large salaries. But he said many Democrats were leery of going too far. “I am very suspect of a wealth tax,” he said. “I think it’s perceived as ‘soak the rich.’ I don’t think it is, but that’s how it’s perceived.” The committee did take aim at a loophole in retirement savings exploited by billionaire Peter Thiel, who, according to a ProPublica investigation, was able to take a Roth individual retirement account worth less than $2,000 in 1999 and grow it to $5 billion, which could be completely shielded from taxation. To prevent such exploitation, the Ways and Means Committee would stop contributions to retirement accounts once they reach $10 million. In other areas, the committee appears to be making only glancing blows at the wealthiest Americans. Former President Barack Obama, Trump and Biden have all vowed to close the so-called carried interest loophole, in which private equity managers pay low capital gains taxes on the fees they charge clients, asserting that the money is not income because it is drawn from their clients’ investment gains. Senate Democrats have proposed closing the loophole completely, saving Treasury $63 billion over 10 years. The House proposal would merely limit the practice, forcing Wall Street financiers to hold their clients’ investment gains for five years before claiming them as capital gains and cashing out. It would save $14 billion, a fraction of the Senate proposal. Another item missing from the House plan: a measure to tax inheritances more aggressively. Biden and many other Democrats want assets such as stocks and real estate to be taxed when they are inherited by wealthy heirs, based on the gain in value from the time the original owner purchased them. Under current law, such assets face capital gains taxation only when they are sold, according to their worth when they were inherited, allowing all the gain in value over the lifetimes of the superwealthy to go untaxed as long as they are passed on to heirs. But the new proposal faced a fierce lobbying campaign, led by rural Democrats like former Sens. Heidi Heitkamp of North Dakota and Max Baucus of Montana. Rep. Richard E. Neal of Massachusetts, the Democratic chairman of the Ways and Means Committee, left it out. To some liberals, Neal’s pragmatism felt more like surrender. “America’s billionaires are popping Champagne tonight as the House Ways and Means Committee — led by Chair Richie Neal — fails the president, fails the country and fails history,” said Erica Payne, the president of Patriotic Millionaires, a group of wealthy liberals that embraces much higher taxes on the rich. Some Democrats expressed surprise Monday at Neal’s political calculations. “A wealth tax? I don’t know anyone who says that’s not working for them politically,” said Rep. Donald Beyer Jr., D-Va., a member of the committee. But with Sen. Joe Manchin III, D-W.Va., suggesting that the final package might have to be half the size of the House plan, Beyer said he understood why Democratic leaders did not want to make vulnerable lawmakers embrace the most aggressive options. “People will be saying, ‘You raised our taxes by $2.9 trillion,’” Beyer said. “Pelosi and leadership do not want to put a lot of threatened members on anything that’s just going to die in the Senate.” White House officials on Monday welcomed the House plan, while acknowledging that it was far from a final product. “We see it as a first step,” said Karine Jean-Pierre, the deputy White House press secretary.

House Democrats’ plan to tax the rich leaves vast fortunes unscathed

<p>The US congresswoman&nbsp;Alexandria Ocasio-Cortez — commonly known as AOC — faced a lot of criticism for selling t-shorts and sweatshirts with the slogan "Tax the Rich"&nbsp;for $58. However, AOC has, once again, refused to let her critics troll her.</p>

<p>AOC, a&nbsp;New York Democrat, defended the price tag of her sweatshirts by stating that the garment costs this much as it is made in the US, and not in China like outgoing US President&nbsp;<a href="https://www.wionews.com/topics/donald-trump">Donald Trump</a>'s merchandise.</p>

<p><strong>Also read|&nbsp;<a href="https://www.wionews.com/entertainment/alexandria-ocasio-cortez-feels-harry-styles-vogue-cover-has-james-dean-vibes-344838">Alexandria Ocasio-Cortez feels Harry Styles' Vogue cover has 'James Dean vibes'</a></strong></p>

<p>"Republicans are freaking out bc we don’t use slave-wage labor for merch that funds grassroots organizing. But what’s the difference between Trump’s merch and ours? Ours is made in the US," she said on Twitter.</p>

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<p dir="ltr" lang="en">Republicans are freaking out bc we don’t use slave-wage labor for merch that funds grassroots organizing.<br />
<br />
But what’s the difference between Trump’s merch and ours?<br />
<br />
Ours is made in the US. 🇺🇸<br />
<br />
(&amp; for GOP who joke that we shld give 👕 for free, we actually do - just volunteer 😉) <a href="https://t.co/35DnbFYQyC">https://t.co/35DnbFYQyC</a></p>
— Alexandria Ocasio-Cortez (@AOC) <a href="https://twitter.com/AOC/status/1334543240742260737?ref_src=twsrc%5Etfw">December 3, 2020</a></blockquote>
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<p>"Oh, and by the way: Tax the Rich," she added to her tweet.</p>

<p>The rebuttal came after TV show host Ben Shapiro took to Twitter to take a dig at AOC's sweatshirts by posting different t-shirt designs with 'student loan' strikes off painted on it and said, "For $27, you can buy AOC's bullshit t-shirt rather than spending it paying off loans you voluntarily took."</p>

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<p dir="ltr" lang="en">For $27, you can buy AOC's bullshit t-shirt rather than spending it paying off loans you voluntarily took. <a href="https://t.co/dLEV3jkBc4">pic.twitter.com/dLEV3jkBc4</a></p>
— Ben Shapiro (@benshapiro) <a href="https://twitter.com/benshapiro/status/1334501113773568004?ref_src=twsrc%5Etfw">December 3, 2020</a></blockquote>
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<p>He also said the people who bought this 'idiotic' sweatshirt will be stuck with student loan and will be "bearing it alone, since you’ll still be paying down that student debt. You’ll just be $27 poorer and AOC’s war chest will be $27 richer."</p>

<p>Shapiro's show,&nbsp;The Daily Wire, too, took a hit at AOC's sweatshirt costs, and shared memes related to her sweatshirt ideas.</p>

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<p dir="ltr" lang="en">A - always<br />
O - be<br />
C - capitalisming<br />
<br />
get it: <a href="https://t.co/UgXi04s8BB">https://t.co/UgXi04s8BB</a> <a href="https://t.co/9VXGjeWj5N">pic.twitter.com/9VXGjeWj5N</a></p>
— The Daily Wire (@realDailyWire) <a href="https://twitter.com/realDailyWire/status/1334665650636091392?ref_src=twsrc%5Etfw">December 4, 2020</a></blockquote>
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<p>"Impress your friends no matter what protest is on trend!," Daily Wire team tweeted.&nbsp;</p>

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<p dir="ltr" lang="en">Impress your friends no matter what protest is on trend!<br />
<br />
It’s less than AOC’s “tax the rich” sweatshirt too! <a href="https://t.co/UgXi04s8BB">https://t.co/UgXi04s8BB</a> <a href="https://t.co/JFYLg4dTRJ">pic.twitter.com/JFYLg4dTRJ</a></p>
— The Daily Wire (@realDailyWire) <a href="https://twitter.com/realDailyWire/status/1334644129163177986?ref_src=twsrc%5Etfw">December 3, 2020</a></blockquote>
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<p>This was not the first Shapiro slammed AOC for her comments and actions. A few days ago, when AOC claimed Republicans make fun of her for her old job — she served as a waitress in a local food joint — Shapiro shared&nbsp;experiences of his parents and alleged her of 'whining' about her job. "My dad worked as a pianist in a restaurant for 20 years. My mom worked as a waitress in college. The difference between them and you is that they don't make a career whining about it, or selling $60 sweatshirts to decry a capitalist system that allowed them to rise economically," he tweeted.</p>


The US congresswoman Alexandria Ocasio-Cortez — commonly known as AOC — faced a lot of criticism for selling t-shorts and sweatshirts with the slogan "Tax the Rich" for $58.

The US congresswoman Alexandria Ocasio-Cortez — commonly known as AOC — faced a lot of criticism for selling t-shorts and sweatshirts with the slogan "Tax the Rich" for $58. However, AOC has, once again, refused to let her critics troll her. AOC, a New York Democrat, defended the price tag of her sweatshirts by stating that the garment costs this much as it is made in the US, and not in China like outgoing US President Donald Trump's merchandise. Also read| Alexandria Ocasio-Cortez feels Harry Styles' Vogue cover has 'James Dean vibes' "Republicans are freaking out bc we don’t use slave-wage labor for merch that funds grassroots organizing. But what’s the difference between Trump’s merch and ours? Ours is made in the US," she said on Twitter. Republicans are freaking out bc we don’t use slave-wage labor for merch that funds grassroots organizing. But what’s the difference between Trump’s merch and ours? Ours is made in the US. 🇺🇸 (& for GOP who joke that we shld give 👕 for free, we actually do - just volunteer 😉) https://t.co/35DnbFYQyC — Alexandria Ocasio-Cortez (@AOC) December 3, 2020 × "Oh, and by the way: Tax the Rich," she added to her tweet. The rebuttal came after TV show host Ben Shapiro took to Twitter to take a dig at AOC's sweatshirts by posting different t-shirt designs with 'student loan' strikes off painted on it and said, "For $27, you can buy AOC's bullshit t-shirt rather than spending it paying off loans you voluntarily took." For $27, you can buy AOC's bullshit t-shirt rather than spending it paying off loans you voluntarily took. pic.twitter.com/dLEV3jkBc4 — Ben Shapiro (@benshapiro) December 3, 2020 × He also said the people who bought this 'idiotic' sweatshirt will be stuck with student loan and will be "bearing it alone, since you’ll still be paying down that student debt. You’ll just be $27 poorer and AOC’s war chest will be $27 richer." Shapiro's show, The Daily Wire, too, took a hit at AOC's sweatshirt costs, and shared memes related to her sweatshirt ideas. A - always O - be C - capitalisming get it: https://t.co/UgXi04s8BB pic.twitter.com/9VXGjeWj5N — The Daily Wire (@realDailyWire) December 4, 2020 × "Impress your friends no matter what protest is on trend!," Daily Wire team tweeted. Impress your friends no matter what protest is on trend! It’s less than AOC’s “tax the rich” sweatshirt too! https://t.co/UgXi04s8BB pic.twitter.com/JFYLg4dTRJ — The Daily Wire (@realDailyWire) December 3, 2020 × This was not the first Shapiro slammed AOC for her comments and actions. A few days ago, when AOC claimed Republicans make fun of her for her old job — she served as a waitress in a local food joint — Shapiro shared experiences of his parents and alleged her of 'whining' about her job. "My dad worked as a pianist in a restaurant for 20 years. My mom worked as a waitress in college. The difference between them and you is that they don't make a career whining about it, or selling $60 sweatshirts to decry a capitalist system that allowed them to rise economically," he tweeted.

Alexandria Ocasio-Cortez defends 'Tax the Rich' sweatshirts worth $58

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