Treasury secretary came out against the proposed global levy, which proponents say would stop the rich from shifting wealth into countries where they can avoid paying the tax
Treasury secretary came out against the proposed global levy, which proponents say would stop the rich from shifting wealth into countries where they can avoid paying the tax
https://www.cnn.com/2023/10/23/business/billionaires-global-tax/index.html
In fairness, it’s hard to keep track of all the times Biden says he wants to do something to appease voters and then never tries while his appointees fight the party platform.
But Biden wanted it for America, just stopped mentioning it, and now his appointees are fighting any wealth tax from anywhere.
Yes, Biden has his own tax proposal for the wealthy. It’s a modified income tax, not a direct tax on overall wealth.
Wanting to tax the wealthy doesn’t mean he supports a wealth tax. And it definitely doesn’t mean he wants a global wealth tax. Neither of those are in the party platform.
The details matter. One Democratic proposal is to tax unrealized capital gains. So if Tesla stock went up in value, Musk would owe taxes. But unlike a wealth tax, Musk would owe nothing if the stock went down.