Billionaire Tax Criticized As Biden Pushes For Budget Deal

Senate Majority Leader Chuck Schumer of N.Y., calls on a reporter as he speaks after a Democratic policy luncheon, Tuesday, Oct. 19, 2021, on Capitol Hill in Washington. (AP Photo/Jacquelyn Martin)

(AP) — The Democrats’ idea for a new billionaires’ tax to help pay for President Joe Biden’s social services and climate change plan is quickly running into criticism. Some Democratic lawmakers view it as too cumbersome and prefer the original plan of simply raising the top tax rates on corporations and the wealthy. Democrats are working frantically to shore up the revenue side of Biden’s domestic package. Biden said Monday he’s hopeful the talks with Congress can wrap up overall agreement this week, before he departs for global summits. Senate Republican leader Mitch McConnell warns of revenue drying up during downturns.


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