Elizabeth Warren NOT yet sold on the SALT cap compromises that have been floated: She wants to make sure billionaires don’t benefit. Says they would be more appealing if paired w/Wyden’s Billionaire Income Tax.
One issue is billionaires can benefit from the House’s $72,500 cap…
And billionaires could even benefit if you have an income cap of about $400K floated by Sanders/Menendez. That’s because some billionaires are able to avoid having much/any adjusted gross income.
Some billionaires have vast majority of their wealth in unrealized capital gains, paired with other tax breaks to minimize their taxable income.
The Wyden Billionaire Income Tax, which has yet to catch on in Congress, would tax their unrealized capital gains.
Wyden meanwhile said he plans to work with Manchin on taxing billionaires over the break.
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