Top Democrat Spikes Billionaire Tax

House Ways and Means Chair Richard Neal (D-MA) said “a proposal to put a levy on the assets of billionaires has been dropped in negotiations over revenue measures to pay for President Joe Biden’s social-spending bill,” Bloomberg reports.

“The House is discussing with the Senate instead inclusion of a 3% surtax, on top of the top income rate, for those earning more than $10 million.”