Wyden believes that the hundreds of billions of dollars that could be generated from this tax could be used to shore up funding for Social Security and Medicare, both of which are facing impending shortfalls, or address childcare needs.
A billionaire's tax could increase tax revenues, contributing to a lower budget deficit. In fact, that's how I know conservative politicians aren't serious about the budget deficit: they quite literally never propose to increase tax revenue, only decrease social spending. Like this next budget showdown coming up at the beginning of the year will feature another crappy Republican budget that seeks to cut everything and leave Mike Johnson with an even worse career as Speaker than McCarthy.
While it might make for a good conversation-starter, recent history proves that such a proposal would be unlikely to make it through Congress, even if Democrats controlled both chambers once more.
Yeah, basically all wealth redistribution policies are dead on arrival regardless of the party holding Congress. Blatant wealth redistribution to regular people through taxation is somehow a taboo policy....but let a fossil fuel lobbyist ask for tax cuts, and suddenly the entire business class gets a permanent one.
"The overhaul was forecast to raise the federal deficit by hundreds of billions of dollars—the Congressional Budget Office estimating $1.9 trillion—over the coming decade."
"For the wealthy, banks, and other corporations, the tax reform package was considered a lopsided victory given its significant and permanent tax cuts to corporate profits, investment income, estate tax, and more. Financial services companies stood to see huge gains based on the new, lower corporate rate (21%), as well as the more preferable tax treatment of pass-through companies.3 Some banks said their effective tax rate would drop under 21%."