Wealthy Already Looking for Tax Loopholes

Reuters: “The package would be the biggest expansion of the U.S. safety net since the 1960s, and Democrats propose paying for it by levying a 5% surtax on individuals with more than $10 million in annual income and an additional 3% tax on individuals with more than $25 million in annual income.”

“While the White House says the new surtax could generate $230 billion to pay for the spending bill, experts and bankers say that many individuals will find ways to avoid it and that it will raise less than an earlier proposal for a billionaires tax.”