Dems Unveil Two Key Spending Proposals

Democrats have introduced two tax proposals to fund President Biden's social spending plan. The billionaires tax targets stock gains and tradeable assets for individuals with over $1 billion in assets or $100 million in income for three years, affecting about 700 people in the U.S. This proposal may be paired with a 15% corporate minimum tax on large corporations' declared income. These measures aim to provide alternative revenue sources to gain support from key moderates like Kyrsten Sinema, who opposed reversing Trump-era tax breaks. Joe Manchin also expressed concerns about the billionaire tax, despite no billionaires residing in West Virginia.

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