Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Al-Saadi: There were concerns that Lahham would be placed under administrative detention.
Al-Saadi: The Israeli occupation authorities could not prove any allegations leveled against Nasser Lahham.
Lawyer Oussama al-Saadi: The oppressive Israeli measures of delaying Lahham's release had vengeful motives.
Nasser Lahham's lawyer said the journalist was released without any conditions or restrictions, adding that the conditions in which he was kept were terrible.
The Israeli occupation authorities release Al Mayadeen Palestine bureau chief Nasser al-Lahham.
Local Syrian sources: An Israeli airstrike targeted a tank and artillery battalion in the city of Izraa in the Daraa countryside
Al Mayadeen's correspondent in eastern Lebanon: 12 martyrs and 5 wounded in Israeli raids targeting the outskirts of Wadi Fa'ra in the northern Bekaa Valley
Local Syrian sources: More than 10 Israeli raids targeted Sweida, with information about more than five casualties from the Internal Security Forces
Local Syrian sources: Initial reports indicate that approximately 15 people were killed or wounded at the al-Radwan family's guest house in Sweida following a direct exchange of gunfire
Israeli media, citing Israeli political sources, reported that the Shas movement is expected to withdraw from the government within less than 24 hours

US Democrat Proposes Taxing America's Richest

  • By Al Mayadeen
  • Source: Agencies
  • 27 Oct 2021 19:41
  • 3 Shares
3 Min Read

The United States seeks to impose a tax on the richest to fund Biden's infrastructure plan.

  • x
  • US Democrat Senator Ron Wyden
    US Democrat Senator, Ron Wyden. 

A senior Democrat official in the US Senate revealed Wednesday a plan to tax America's wealthiest to fund a massive spending plan backed by President Joe Biden.

The proposed taxation plan on the income of billionaires, also known as the 'Billionaires Income Tax,' would apply to about 700 people with either $1 billion in assets or $100 million in annual income for three consecutive years, and would also raise "hundreds of billions of dollars," Senator Ron Wyden, who leads the chambers finance committee, said Wednesday.

The plan constitutes the latest attempt made by Biden's Democratic party to raise funds for his proposal to overhaul the US infrastructure that could cost up to $2 trillion. The plan could see the United States following the European model of enacting social policies, such as universal pre-kindergarten and childcare subsidies.

The Democrat proposal would see Washington directing its taxation powers right at the billionaires, whose wealth has seen a massive increase amid the COVID-19 pandemic. The wealth accumulation has been criticized by US citizens who have accused them of not contributing enough to the country. Elon Musk and Jeff Bezos alone saw their wealth increase by $200 billion last year during the pandemic.

Related News

Rutte: Secondary tariffs on Russia would impact China, India, Brazil

US urges 'Israel' to halt Syria airstrikes, Tel Aviv pledges to stop

Wyden said, "Working Americans like nurses and firefighters pay taxes with every paycheck, while billionaires defer paying taxes for decades, if not indefinitely."

"The wealthiest few who avoid taxes by indefinitely holding assets are also able to borrow against those assets to fund their lifestyles," the Senator added, explaining that this means the wealthiest opt-out of paying while paying only low-interest rates on loans from Wall Street banks.

If this proposal comes into play, the assets of billionaires, like stocks, would be evaluated each year, and taxes would be levied had the stocks' value increased. A decrease in the latter's value would lead to a write-off for potentially up to three years.

Under current US law, taxes on a stock's value are typically only paid if it is sold.

The US would impose a new tax on sales of nontradable assets, such as real estate or business interests and account for interest on unpaid taxes during the years the person held it.

The proposal, however, allowed for an individual to designate up to $1 billion of stock in a single business as "a nontradable asset," in an attempt to address concerns that the tax could force the wealthy to sell off controlling stakes in companies.

  • United States
  • Senate
  • Joe Biden
  • Infrastructure Plan

Most Read

Hezbollah SG reveals war details on Al Mayadeen for the first time

Hezbollah SG reveals war details on Al Mayadeen for the first time

  • Politics
  • 8 Jul 2025
Yemen Navy sinks ETERNITY C ship, shares footage of operation

Yemen Navy sinks ETERNITY C ship, shares footage of operation

  • Politics
  • 9 Jul 2025
This satellite image from Planet Labs PBC shows damage after an Iranian attack at the al Udeid Airbase outside of Doha, Qatar, June 25, 2025 (Planet Labs PBC via AP)

Satellite images show Iran attack damaged US comms dome in Qatari base

  • Politics
  • 11 Jul 2025
An Israeli soldier abandons an excavator during an ambush by al-Qassam Brigades. Arabic text reads "The moment the soldier fled", July, 10, 2025 (Al Qassam Military Media)

Israeli media rue al-Qassam footage, alarmed by fighters among troops

  • Politics
  • 11 Jul 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
Syrian government forces deploy at the Mazraa village on the outskirts of city of Sweida, where clashes erupted between Bedouin clans and Druze factions, southern Syria, Monday, July 14, 2025 (AP)
Politics

Gulf-backed negotiations underway in Syria's Sweida to end clashes

UN: 798 Palestinians killed while trying to reach aid in Gaza
Palestine

UN: 798 Palestinians killed while trying to reach aid in Gaza

A damaged car is seen at a field that was hit in an Israeli airstrike in Nabi Sheet village, in Lebanon's eastern Bekaa Valley, Wednesday, August 21, 2024 (AP)
Politics

Hezbollah condemns Israeli Bekaa massacre, urges action from Lebanon

Palestinians walk next to the closed humanitarian aid distribution center of UNRWA, the UN agency helping Palestinian refugees in Jabaliya, Gaza Strip, on Tuesday, April 29, 2025 (AP)
Politics

Israeli regime cuts electricity, water supplies to UNRWA Gaza offices

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS