What You Need to Know
- Lawmakers could move a tax bill before the midterm elections, political analyst Jeff Bush says.
- Biden, Manchin and Sinema have each laid out tax plans.
While the news this week centered on President Joe Biden’s release of new spending and tax proposals as part of his 2023 budget, there is also “talk in Congress of moving a tax bill before the fall [midterm] elections,” according to Jeff Bush of The Washington Update.
As it stands now, there are three tax plans under consideration by lawmakers.
First, “most of the talk has centered on Biden’s ‘billionaire tax,’ which, despite its name, would apply to taxpayers with over $100M in assets,” Bush wrote Friday in an email note.
Biden’s plan “would impose a 20% minimum tax on income, including unrealized gain on investment assets,” Bush said. “Taxing unrealized gain would prove difficult to administer and might be subject to court challenges.”