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House Democrat Considering “Patriot Tax” on Wealthy Americans
The Biden administration has not signaled its support for specific proposals on wealth taxes, and Republicans are firmly against boosting taxes to help fund the White House’s agenda.
Representative Thomas Suozzi (D-NY), a member of the House Ways and Means Committee, is reportedly looking into a “patriot tax” that would impose a one-time tax on wealthy Americans as bipartisan discussions over how to pay for the White House’s legislative agenda ramp up.
Suozzi told
The Hill on Friday that he’s exploring a one-time tax of 2.5 percent on wealthy Americans between $50 million and $100 million and a 5 percent tax on those above $100 million. Taxed individuals will be able to pay off the amount over the course of five years.