October 20, 2021
Economy

Democrats want to tax the very rich. Here’s who they are

The rich would be hit in a variety of ways under the proposal advanced by the House Ways & Means Committee.

All told, the legislation would bring in an additional $1 trillion in revenue from high-income Americans, according to the committee.

“I’m not out to punish anyone. I’m a capitalist. If you can make a million or a billion dollars, that’s great,” Biden said in an economic speech Thursday. “All I’m asking is you pay your fair share. Pay your fair share just like middle-class folks do. But that isn’t happening now.”

Here are three things to know about the very rich:

1. It took $540,000 in adjusted gross income to get into the top 1% in 2018, according to the latest Internal Revenue Service data.

That’s the highest the threshold has been since at least 2001. (The agency changed its methodology so prior data is not strictly comparable.)

More than 1.4 million returns fell into this…

Read full article here: www.cnn.com