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As U.S. Congress advances Democrats' tax plans, America's wealthy eye loopholes

Elizabeth Dilts Marshall | Yahoo Finance | Nov 16th, 2021
Category: Financial News

As Democrats in the U.S. House of Representatives look to advance their $1.75 trillion social spending package this week, wealthy individuals are already planning ways to avoid paying for it.

The package would be the biggest expansion of the U.S. safety net since the 1960s, and Democrats propose paying for it by levying a 5% surtax on individuals with more than $10 million in annual income and an additional 3% tax on individuals with more than $25 million in annual income.

The White House says the new surtax could generate $230 billion to pay for the spending bill, but experts and bankers say that many individuals will find ways to avoid it and that it will raise less than an earlier proposal for a billionaires tax.

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