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Taxing Billionaires to Pay for Biden’s Agenda: What to Know About the Democrats’ Plan
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WASHINGTON—Democrats are considering a new tax on billionaires to help pay for President Biden’s agenda.
The tax would help raise money to pay for spending proposals, including expanded child tax credit and climate-change policies. While Mr. Biden didn’t support the idea during the 2020 campaign, he turned to it after a different capital-gains tax change failed to get enough support among some congressional Democrats and after Sen. Kyrsten Sinema (D., Ariz.) objected to other tax-rate increases.
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