Taxes

Elon Musk says he already has better plans for the additional billions that Democrats want to take from him with their proposed billionaire's tax.

President Biden on Thursday outlined a slew of new taxes on corporations and the ultra-wealthy in order to pay for the bulk of his signature economic spending plan – but a new analysis suggests the rate increases could generate $500 million less than the White House estimated.

The Biden administration on Thursday outlined a revamped tax-hike plan to pay for Democrats' roughly $1,750,000,000,000 spending plan, including rate increases on well-off corporations and wealthy Americans.

Epic Games founder Tim Sweeney warned on Wednesday that the Democrats’ proposal that would tax billionaires on unrealized capital gains would hurt entrepreneurs.

Larry Kudlow shares his thoughts on wealth tax

House Ways and Means Committee Chair Richard Neal indicated Wednesday that a tax proposal targeting billionaires’ unrealized investment gains may be dropped from consideration in President Biden’s spending bill, an assertion that was immediately rejected by the Senate Democrat who introduced the concept.

President Biden campaigned on a promise to roll back the bulk of Republicans' 2017 tax law but appears unlikely to achieve that as part of his signature economic spending plan amid pushback from centrist lawmakers in his own party.

New Jersey Republican gubernatorial candidate Jack Ciattarelli said he'll cut property taxes and introduce new brackets if elected.

Democrats are considering a groundbreaking new tax on billionaires and other ultra-high earners in order to pay for the bulk of President Biden's signature economic spending plan.