Long live the rich

House Chairman Says ‘Billionaire Income Tax’ Is Out

The wealth tax would have raised hundreds of billions of dollars to fund Biden’s agenda.

Score one for the billionaires—maybe. The chairman of the House Ways and Means Committee, Rep. Richard Neal (D-MA), reportedly declared that a proposed wealth tax on the richest Americans has been scrapped from negotiations in the ongoing spending bill debate. Though not officially dead, conversations are underway over a separate proposal to impose a 3 percent surtax on individuals that make more than $10 million per year, according to Bloomberg. The so-called “Billionaire Income Tax” would have taxed the ultra-rich for the rising value of some assets, like stocks, before they were sold. That would have meant an enormous tax burden for the likes of Elon Musk, who publicly opposed the plan. “Eventually, they run out of other people’s money and then they come for you,” he tweeted earlier this week.