April 30, 2021

NBC News: Venture capitalists spar over Biden plan to raise their taxes

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President Barack Obama’s White House put out a proposal similar to the one Biden’s White House is now offering, according to Steve Wamhoff, the director of federal tax policy at the Institute on Taxation and Economic Policy, who formerly worked on tax policy for Sen. Bernie Sanders, I-Vt.

“Biden proposes to eliminate that break for millionaires. Income over $1 million would be taxed at the same rate no matter what form it takes under Biden’s plan,” he emailed. “Obama’s proposal technically left the capital gains breaks and all other tax breaks in place, but then would impose another provision on top of all of it that would say a millionaire must pay an effective rate of at least 30 percent.”

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