Similar videoWashington Capital Gains Tax Update and 10 Ways to Avoid Paying Capital Gains
The ISA Crisis: Why More People Aren’t Saving in a Tax Efficient Way
Individual savings accounts (ISAs) are considered a more effective way to manage your money than other financial products. For example, a Nationwide FlexDirect current account offers an introductory annual equivalent rate (AER) of 2% for 12 months. The interest rate drops to 0.25% AER after the promotional period, which is lower than the average what is the current capital gains tax of 1.1% to 2% ISA account holders can get.
As well as offering a better overall interest rate, ISAs can maintain their interest rates what is the current capital gains tax longer periods of time. It’s a similar story with regards to stocks and shares ISAs. Money invested via a stocks and shares ISA is sheltered from capital gains tax. In contrast, money invested outside of an ISA will be subject to capital gains tax. Therefore, if you can play the financial markets via an ISA, it’s often the best option.
Young people aren’t buying into ISAs
Despite these benefits, government data shows that just 13 million adults were subscribed to an ISA in 2020. Of that figure, 75% were cash ISAs, with the remaining 25% spread across stocks and shares accounts, lifetime and “innovative” ISAs. Interest in ISAs doesn’t appear to match the benefits they offer savers and investors, so the question is why? A survey by BritainThinks, in conjunction with the Financial Times, found that millennials are generally ambivalent when it comes to ISAs. Just 9% of those surveyed in 2017 had a stocks and shares ISA, with many citing a lack of financial knowledge as a primary reason for not having one. Additionally, 60% said that needing money for rent and the desire to buy a house were priorities over an ISA.
There are also several myths surrounding ISAs. Often perpetrated by the aforementioned lack of knowledge, people tend to believe that ISAs are unnecessary because they don’t pay tax on their savings. This may be true given the low-interest rates we’ve seen over the last decade. However, what if you decide to invest your savings? This is when capital gains tax becomes an issue that an ISA can solve. There is also the assumption that you need a lot of money or specialist knowledge to use an ISA. Again, these myths are unfounded. Modern ISA providers offer a variety of guides and tips on how to use their products.
Myths are clouding the benefits of ISAs
Another common ISA myth is that you don’t have any control over the investments you make. This ties in with what the Financial Times found in 2017. Millennials said that they think it’s better to have cash and that playing the stock markets is too risky and something only experts can do. The reality is that you can take full control of your investments. Products offering fractional shares allow you to invest as little as £2 and the account fees are low. Thus, what we’re seeing here is a gap in the general public’s understanding of ISAs.
This might not be the only reason for a what is the current capital gains tax of interest in ISAs. However, the current attitude towards them suggests there’s a sense of trepidation. Therefore, it’s the job of the government and ISA providers to educate the masses and explain their benefits. Using platforms such as Twitter and Facebook, creating YouTube video content and working with internet celebrities could be effective ways to do this. Whichever way it’s done, there needs to be more information about ISAs and how they can be a tax-efficient way for people to manage their money.
BIDEN WOULD TAX WEALTH LIKE WORK BY REFORMING CAPITAL GAINS TAXES
- President Biden’s American Families Plan would make the wealthy begin to pay their fair share of taxes by charter cable bill pay how “capital gains” are taxed. He wants to tax wealth like work by closing two major loopholes that let the rich pay a lower tax rate on the income they receive from wealth than many middle-class workers pay on their wages.
- The biggest source of income for the superrich—capital gains—is the profit they make from selling stock or other assets. Biden’s plan will only affect people making more than $1 million a year—about the 0.3% richest taxpayers. These are among the top 1% who saw their wealth grow by $4 trillion during the pandemic as millions of other Americans suffered, sickened and died.
- Biden wants to eliminate the nearly half-off discount the wealthy now get when they sell their assets at a profit. They currently pay a top tax rate of 20%—Biden would raise that to the nearly 40% they already pay on their salaries. The current discount on income from wealth allows a billionaire to pay a lower tax rate than a teacher or truck driver.
- Biden also wants to tax the wealthy on the accumulated gains of assets they inherit—gains that now go completely untaxed. The plan would only apply to gains over $1 million per individual, $2 million per couple. Thisreform will narrow the wealth gap, limit the creation of economic dynasties, and raise revenue for public services vital to all of us who do not inherit a fortune.
- Biden’s two reforms would raise nearly $400 billion from the rich we could use to better serve the needs of working families. It will also restore basic fairness to our tax code to the benefit of workers, small businesses, communities, and our economy.
President Biden wants the wealthy to begin paying their fair share of taxes by changing how “capital gains” are taxed. He wants to tax wealth like work what is the current capital gains tax closing two big loopholes letting the rich pay a lower tax rate on income they receive from wealth than many middle-class workers pay on their wages.
- For people making more than $1 million a year, or the richest what is the current capital gains tax of taxpayers, Biden wants to eliminate the nearly half-off tax discount they currently get when they sell assets at a profit. Instead of paying today’s top tax rate of 20% on the profits from the sale of assets like corporate stock, the rich would pay the same nearly 40% they already pay on their big salaries and other income. The current capital-gains discount is what allows a billionaire to pay a lower tax rate than a teacher or truck driver.
- Biden also wantsto tax the wealthy on the accumulated gains of assets they inherit—gains that now go completely untaxed. The plan would only apply to gains over $1 million per midfirst bank business login, $2 million per couple ($2.5 million per couple when combined with existing real estate what is the current capital gains tax. This reform will narrow the wealth gap, limit the creation of economic dynasties, and raise revenue for services vital to all of us who do not inherit a fortune.
- Together, these two reforms would raise $324 billion over 10 years exclusively from rich people. This will narrow the wealth gap and limit the creation of economic dynasties. It will also fund investments in healthcare, childcare, education and tax credits for working families that raise millions of children out of poverty. (The Penn Wharton Budget Model estimates the Biden proposal would raise $376 billion.)
A capital gain is the increase of an asset value over its purchase price. Rich people get almost all capital gains income.
- If you buyan investment for $100 and later sell it for $150, you have a capital gain of $50 ($150 sales price minus $100 purchase price).
- 88% of capital gains income goes to the wealthiest 10%—making at least $240,000.
- 75% goes to the richest 1%, who make at least $819,000.
- 55% goes to the richest 0.1%, who make at least $3.8 million.
- The richest 1% saw their wealth rise by about $4 trillion in 2020 during the pandemic, according to the Federal Reserve. They captured about 35% of the extra wealth generated. The bottom half of the population only got about 4% of overall wealth gains.
- Middle-class people are already shielded from capital gains taxes because those taxes do not apply to 401k or IRA savings and because there is a large exemption for home sales. Furthermore, Biden’s proposal is specifically targeted only toward those with $1 million of annual income and those with more than $1 million of gains outside of retirement plans and on top of the home sale exemption.
Capital gains are currently taxed at a much lower rate than wage income—as little as about half—allowing the superrich to pay lower tax rates than working people.
- The top basic tax rate on long-term capital gains—gains on assets owned over a year—is 20%. The top basic rate on wage and other ordinary income is 37%, though Biden in a separate reform wants to increase it to 39.6%. Capital gains were taxed at the same rate as ordinary income for several years following the landmark tax reform of 1986, but were afforded a discount rate again beginning in 1990.
- In 2021, an unmarried middle-income worker like a teacher or truck driver will pay 22% of income tax on every dollar of taxable salary she makes over $40,525. A billionaire living entirely off long-term capital gains (or related investment income known as dividends) will pay no more than 20% on his millions of dollars of unearned income.
Capital gains are not taxed at all when they are inherited, helping create economic dynasties, widening the wealth gap, and costing billions of dollars in lost revenue. Biden will close that loophole for individuals inheriting over $1 million ($2 million per couple).
- Under current law, if the owner of an investment that’s gone up citibank government travel card customer service value dies before selling it, neither the owner or his or her heirs will owe any tax on that gain. That increase in value simply disappears for tax purposes. This reset of the base price of the investment is called valuation “step up.” The inheritor is only responsible for any gains that what is the current capital gains tax after the inheritance (and again, the heirs would only pay tax on the gain during their lifetime if they sold the asset – they could also avoid tax by passing assets onto their heirs).
- Example: Jeff Bezos’ wealth, which is largely derived from his ownership stake in Amazon, has soared from nothing to nearly $200 billion over the last 25 years or so. Under current rules, if he sells his Amazon stock the day before he dies he would have made a capital gain on most of that wealth and a 20% capital gains tax would be due. Instead, if his estate passes the stock onto his children and they sell it the day after Bezos dies, they would owe zero tax on the nearly $200 billion in capital gains— avoiding the more than $40 billion of tax that would apply at today’s lower capital gains rates or the roughly $80 billion that would apply if they paid tax at ordinary rates, as Biden is proposing. This tax handout to rich inheritors helps create undemocratic economic nail salons nearby that are open today, widens the nation’s destabilizing wealth gap. It also creates a drag on the economy because people hold unproductive assets until death to avoid taxation.
President Biden has proposed raising the top federal tax rate on long-term capital gains from its current level of 20 percent to 39.6 percent. The rate would apply to people with income of $1 million a year or more. There are many good reasons to oppose an increase in the federal tax what is the current capital gains tax on capital gains. The capital gains tax taxes you on income you’ve already paid tax on, discourages capital formation, taxes capital gains that are due to inflation, and doesn’t raise as much revenue as a static analysis would predict.
But California Democrats have an especially good reason, whatever their personal feelings and circumstances, to oppose an increase in the capital gains tax: it will generate less tax revenue for California’s state government and, therefore, less money for them to spend.
Double, Triple, and Quadruple Taxation
First, let’s consider why capital gains taxes, and especially high capital gains taxes, are a bad idea. Let’s say you make $100,000 in a year and pay federal income tax on it. You have been taxed once. If you spend all your after-tax money on consumables—rent, food, entertainment, etc.—then end of story. You have been taxed once. I’m ignoring the sales taxes you pay because many items you buy are not taxed and sales tax rates in the United States are typically less than 10 percent.
But what if you save, say, $10,000 and use it to buy shares in a company? The company makes money and pays you dividends. In a sense, then, you have been taxed a second and third time. The second time is the 21 percent tax on the company’s profits, which means the company has less to pay you. The third time is the federal income tax you pay on the company’s dividends.
Then the company does really well and you decide to sell your shares at a price substantially above what you paid per share. You then pay a capital gains tax. That makes quadruple taxation. President Biden says he believes in tax fairness. Quadruple taxation seems incredibly unfair.
Capital Gains Taxes Hurt Even Those Who Never Pay Them
Perhaps you’re someone who pays little or no capital gains tax. Does that mean the tax doesn’t hurt you? Not at all. The capital gains tax, like the corporate income tax and the tax on dividends, discourages saving. As noted above, someone who spends his after-tax income doesn’t pay those taxes. But if he saves some after-tax income, and uses it to buy shares in companies, and if those shares gain value, he does.
So what? Here’s what. Two things that economists are most sure of are that savings are absolutely necessary for capital investment and that investment is absolutely necessary for the growth of income per capita. The more capital there is, the greater is the amount of capital per worker; the greater the amount of capital per worker, the greater is productivity; the greater is productivity, the higher are real wages and salaries. So the non-saving wage earner and salaried worker both gain from saving and capital investment. Both of them lose, therefore, when government discourages investment with high taxes on saving.
Some Capital Gains Taxes are Taxes on Inflation
Imagine you paid $100 twenty years ago for a share in a company. Today, the share is worth $180. You sell. You then pay capital gains tax on the $80. But did you really gain $80? No. In the last twenty years, the consumer price index has risen by 50 percent. So $50 of your $80 gain is just an adjustment for inflation. Your real gain is only $30. You’re paying iboc capital gains tax on the real gain and on the “phantom gain” due to inflation. Again, that seems unfair. Even cutting the capital gains tax rate to zero, which many economists advocate because it would increase investment and, therefore, real wages, would still leave triple taxation in place. But that’s better than quadruple taxation.
Higher Capital Gains Taxes Don’t Lead to Large Increases in Tax Revenues
If you think people don’t respond to incentives, then you will likely think that approximately doubling the tax rates on capital gains would double the amount of revenue the federal government collects from the capital gains tax. It won’t. The amount of revenue collected would likely increase but it wouldn’t come close to doubling.
The reason is that capital gains taxes are paid only when an asset—a house, shares in a company, a business, or a farm—is sold. People have a lot of discretion about when to sell a capital asset. The very fact that capital gains tax rates are increased causes people to hold off on selling their assets. So in the short run—and the short run can last a few years—many people do hold off. Some have argued that another provision of the Biden plan, taxing the capital gains in an estate after the person has died, will cause at least some people to bank of america safe deposit box free assets rather than wait until they die. True, but if people expect that an increase in the capital what is the current capital gains tax tax will be repealed when a new president and Congress are elected, they will be even more likely to hold off on selling.
Sure enough, in the years after capital gains what is the current capital gains tax rates fell, capital gains realizations increased and in the years after capital gains tax rates increased, capital gains realizations fell. Here’s how Joseph J. Cordes, an economics professor at George Washington University, who was previously deputy director for tax analysis in the Congressional Budget Office, put it:
Thus, cutting the tax rate on capital gains has two opposite effects on tax collections. On the one hand, taxing each dollar of realized capital gain at a lower rate reduces revenue. On the other hand, a lower rate means there are more dollars of realized gains to tax because people have less reason to stay locked in.
Similarly, increasing the tax rate has two opposite effects on tax revenues: the higher rate on a given capital gain yields more revenue but the higher rate means fewer realized gains and, therefore, less revenue. What’s certain is that revenue would increase by a lower percent than the percentage increase in the capital gains tax rate.
For California, All Pain and No Gain
That brings us to why California Democrats should strongly oppose the capital gains increase. Even if we ignore fairness and the harmful effects on the economy, we can see that the higher federal capital gains tax rate will make the California state government’s revenues lower than otherwise.
Why? Because, as noted above, the effect of a higher tax rate will be fewer capital gains realizations. Whereas the feds could tell themselves that they’re trading off higher rates with lower realizations, that doesn’t apply at the state level where the California capital gains tax rate remains unchanged at its current high level. The California government, more than most state governments, relies on high-income taxpayers for much of its revenue. It also taxes capital gains at the same rate as normal income. In California, therefore, the tax rate on capital gains for married people filing jointly is 9.3 percent for income between $117,269 and $599,016 and reaches a whopping 13.3 percent for income over $1,198,024.
In recent years, the state government’s income from high-income Californians paying capital gains taxes has been huge. In 2018, for example, the latest year for which there are good data, Californians paid $15.17 billion in capital gains taxes. Total revenue collected that year was $133.33 billion. This means that 11.4 percent of total revenue was from capital gains taxes alone. Moreover, $13.02 billion of this was collected from taxpayers with an adjusted gross income of $1 million or more. That’s 85.8 percent of the total capital gains taxes paid and 9.8 percent of overall tax revenues. It’s too soon to tell what the data are for 2020 but the odds are that even more was collected in capital gains tax revenue.
The fact that high-income Californians, the Californians who are targeted by President Biden’s tax proposal, pay so much has huge implications. It’s quite plausible, given past experience, that the higher capital gains tax rate would cause high-income people to cut their capital gains realizations by 40 percent or more. If that happened, and if high-income Californians acted like other high-income Americans, then the state government’s revenue from capital gains taxes would fall by 40 percent. If 2022, when the tax increase would presumably take place, were like 2018 in terms of percent of state revenue accounted for by capital gains taxes, then California’s state government revenue would be 3.9 percent lower than otherwise.
Why do I focus on California Democrats? Because, in case you haven’t noticed, California is a one-party state. The Democrats have supermajorities in both houses of the legislature and have the governorship as well. Also, in case you haven’t noticed, they love spending our tax money. If the Biden capital gains tax increase were to pass, they would have less money to spend. Even if they don’t care much about tax fairness or about the economy generally, I’m quite confident that they care about having more money to spend rather than less. That’s enough of a reason for them to oppose the Biden capital gains tax increase with all their might.
A once-off wealth tax could be used to raise revenue to fund vital public services and pay for Covid, a senior Irish economist has said.
As the Government considers various ways to expand the tax base here, Barra Roantree of the Economic and Social Research Institute (ESRI) said taxing “those with lots of wealth or inheritance” was one possible option.
He told an event hosted by the Nevin Economic Research Institute (Neri), however, that there was an important distinction to be made between a once-off wealth tax and a permanent or recurring tax on wealth.
Critics of wealth taxes claim rich people use loopholes, valuation schemes, trusts and other structures to lower their liability or avoid the tax altogether, negating the value of such measures.
“To the extent that it is credibly once-off, that’s not likely to change people’s behaviour,” Dr Roantree said.
However to generate significant revenue, he said, it would either have to have few exemptions – some wealth taxes exempt primary residence and pension wealth or are set at very high rate, both of which are problematic.
Given the majority of wealth in Ireland is tied up in property, Dr Roantree said the Government might be better off looking at adjustments to the current Local Property Tax (LPT) regime.
The Commission on Taxation and Welfare, the body set up to look at various ways the State can fund itself into the future in the context of growing demands for higher spending on public services, particularly in healthcare, is understood to be looking at various measures, including a wealth tax.
The commission is also due to consider the merits of replacing the LPT with a broader site value tax. The current LPT regime only applies to residential property but a site-value tax, drawing in non-residential and business premises, potentially instead of rates, has big revenue-raising potential.
Dr Roantree indicated the Government may need to consider abolishing certain tax reliefs linked to pensions and capital gains tax (CGT) as a means of raising additional revenue, some of which he said were poorly targeted.
He also noted that payees of capital acquisitions tax (CAT), which covers gifts or inheritances, in 2019 had an average liability of €90,000, according to Revenue figures. In order to have this liability payees would need to have received gifts or inheritance exceeding €600,000, which he described as significant.
Dr Roantree noted increases in income tax, VAT or the local property tax were perhaps the easiest way for Government to raise revenue.
Biden's foolish capital gains tax increase
Presidential candidate Joe BidenJoe BidenBiden to provide update Monday on US response to omicron variantRestless progressives eye 2024Emhoff lights first candle in National Menorah-lighting ceremony MORE is planning large tax increases if elected in November. He says that the increases would be just for high earners, but his proposals would hit all of us by damaging investment, entrepreneurship and job opportunities.
Perhaps Biden’s worst idea is to hike the top capital gains tax rate from 23.8 percent to 43.4 percent. That is a radical proposal. Congress has kept long term capital gains tax rates below rates on ordinary income for most of the past century, and nearly all other advanced economies provide favorable tax rules for gains.
The current U.S. capital gains tax rate including the average state rate is about 28 percent, but the average rate across Europe is just 19.5 percent. Numerous countries do not tax long‐term capital gains at all including Belgium, Czech Republic, New Zealand, Singapore and Switzerland.
Why do countries provide low tax rates for capital gains? For one thing, they know that capital is mobile in today’s global economy, and it will flow abroad if tax rates are unfavorable compared to foreign trading partners.
Another concern is inflation. If you buy a stock and sell it years later, part of the gain is inflation, not a real return. Providing a lower rate offsets this investment-killing “inflation tax.”
Double tarrant county texas tax office is yet another concern. If expected corporate profits rise, share prices increase, creating an individual capital gain. But those future profits will also be taxed at the corporate level. If the combined rate of those two taxes is high, companies will slash investment. They will also load up on debt since it is not double-taxed, and that will destabilize the economy.
A capital gains tax increase would harm investment in start-up and growth companies. The reward that angel investors receive for putting their time and money into startups is a capital gain five or more years down the road. Raising capital gains taxes would prompt angels to shift their money to safer investments, starving the economy of fuel for dynamic industries such as technology.
Tax increases would reduce entrepreneurship. People considering launching startups would instead take safer wage jobs because the chance to earn a capital gain from a high-growth startup would not be worth all the extra stress, risk and hard work.
If Democrats follow through on their tax increases, money will flow out of technology clusters such as Silicon Valley. Such clusters have prospered as the cash generated from public offerings and buy-outs of successful growing firms has been reinvested in new rounds of startups. Higher taxes would rob the economy of this wealth that is recycled into new ventures.
Various breaks allow technology investors to escape or defer capital gains taxes when they exit successful investments. Tech industry leaders perhaps assume that they will retain these breaks even if Biden pushes up overall tax rates. But that is a risky assumption given how far left the Democratic Party has moved on economic policy.
Another loser if Biden wins and raises tax rates: state governments. The states compete against the federal government over tax bases. Capital gains taxes generate a large behavior response, so if Biden hikes the federal rate then both the federal and state tax bases would shrink. State tax revenues in states such as California and New York that depend on capital gains will fall. Thus, Biden’s capital gains tax hike would not only damage Silicon Valley and Manhattan’s Silicon Alley, but also Sacramento and Albany.
If Biden wins the election, leaders in both Alleys and other technology clusters would be smart to lobby the incoming administration to change course. In California and New York, the combined federal-state top capital gains tax rate would be pushed up to around 50 percent. How many high‐tech entrepreneurs and angels will put their time, effort and money into illiquid and risky startup investments if — in the 1‐in‐10 chance they hit it big — governments take half the return?
A capital gains tax hike would damage U.S. technology businesses for no good reason and reduce state tax revenues. As Biden might say, “come on man,” that makes no sense.
Chris Edwards is director of tax policy studies at the Cato Institute.
Biden Eyeing Tax Rate as High as 43.4% in Next Economic Package
President will propose almost doubling the capital gains tax rate for wealthy individuals to 39.6% to help pay for a raft of social spending that addresses long-standing inequality, according to people familiar with the proposal.
For those earning $1 million or more, the new top rate, coupled with an existing surtax on investment income, means that federal tax rates for wealthy investors could be as high as 43.4%. The new marginal 39.6% rate would be an increase from the current base rate of 20%, the people said on the condition of anonymity because the plan is not yet public.
A 3.8% tax on investment income that funds Obamacare would be kept in place, pushing the tax rate on returns on financial assets higher than rates on some wage and salary income, they said.
Stocks slid the most in more than a month on the news, with the S&P 500 down 0.9% at the close. Ten-year Treasury yields fell to 1.54% from an intraday high of 1.59% before Bloomberg’s report.
The proposal could reverse a long-standing provision of the tax code that taxes returns on investment lower than on labor. Biden campaigned on equalizing the capital gains and income tax rates for wealthy individuals, saying it’s unfair that many of them pay lower rates than middle-class workers.
White House Press First financial credit union skokieasked about the capital-gains plan at a press briefing Thursday, said, “we’re still finalizing what the pay-fors look like.” Biden is expected to release the proposal next week as part of the tax increases to fund social spending in the forthcoming “American Families Plan.”
Other measures that the administration has discussed in recent weeks include enhancing the estate tax for the wealthy. Biden has warned that those earning over $400,000 can expect to pay more in taxes. The White House has already nearest citibank branch location out plans for corporate tax hikes, which go to fund the $2.25 trillion infrastructure-focused “American Jobs Plan.”
Republicans have insisted on retaining the 2017 tax cuts implemented by former Presidentand argued that the current capital-gains framework encourages saving and promotes future economic growth.
“It’s going to cut down on investment and cause unemployment,” of Iowa, a top Republican on the Senate Finance Committee and former chair of that panel, said of the Biden capital-gains plan. He lauded the result of the 2017 tax cuts, and said, “If it ain’t broke, don’t fix it.”
GOP lawmakers on Thursday called for repurposing previously appropriated, unused pandemic-relief funds to help pay for their counteroffer infrastructure plan. The group underlined opposition to tax hikes, other than a potential revamp of the levies that go toward highway funding in a way that would cover electric vehicles.
Biden will detail the American Families Plan in a joint address to Congress on April 28. It is set to include a wave of new spending on children and education, including a of an expanded child tax credit that would give parents up to $300 a month for young children or $250 for those six and older.
Biden’s proposal to equalize the tax rates for wage and capital gains income for high earners would greatly curb the favorable tax treatment on so-called carried interest, which is the cut of profits on investments taken by private equity and hedge fund managers.
The plan would effectively end carried interest benefits for fund managers making more than $1 million, because they wouldn’t be able to pay lower capital gains rates on their earnings. Those earning less than $1 million may be able to still claim the tax break, unless Biden repeals the tax provision entirely.
The capital gains increase would raise $370 billion over a decade, according to an estimate from the Urban-Brookings Tax Policy Center based on Biden’s campaign platform.
For $1 million earners in high-tax states, rates on capital gains could be above 50%. For New Yorkers, the combined state and federal capital gains rate could be as high as 52.22%. For Californians, it could be 56.7%.
Democrats have said current capital gains rates largely help top earners who get their income through investments rather than in the form of wages, resulting in lower tax rates for wealthy people than those they employ.
Capital gains taxes are paid when an asset is sold, and are applied to the amount of appreciation on the asset from when it was bought to when it is sold.
Congressional Democrats have separately proposed a series of 1968 valerie solanas to capital-gains taxation, including imposing the levies annually instead of when they are sold.
“There ought to be equal treatment for wages and wealth,” Senate Finance Committee Chairmanan Oregon Democrat who’s the chamber’s top tax-writer, told reporters in a phone briefing Thursday. “On the Finance Committee we will be ready to raise whatever sums the Senate Democratic caucus thinks are necessary.”
(Updates with market close in fourth paragraph, carried interest background in 12th paragraph.)
--With assistance from and .
Scott Lanman, Christopher Anstey
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