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Why Democrats' new wealth tax still isn't what the public wants it to be

House Democrats are targeting the wealthy to pay for their massive infrastructure package. Americans itching to tax the rich shouldn't get too excited. Democrats propose only taxing income and investment gains, allowing the wealthy to park cash in other assets like stocks and bonds.

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Why Democrats' new wealth tax still isn't what the public wants it to be
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    Why Democrats' new plan to tax the wealthy still isn't the wealth tax the public overwhelmingly wants it to be

    Why Democrats' new plan to tax the wealthy still isn't the wealth tax the public overwhelmingly wants it to be

    Democrats propose only taxing income and investment gains. This allows the wealthy to park cash in other assets like stocks and bonds.

    The plan isn't airtight

    "All income ought to be treated the same, whether it's your income from your stocks or your income from a business or your income from working every day on a construction project," Frank Clemente, executive director at Americans for Tax Fairness, told Insider.

    The proposals

    House Democrats' tax proposals could raise trillions, but they fall short of President Biden's hopes.

    Comparing to Trump's tax cuts

    The 2017 Republican tax law gave wealthier Americans a more sizable cut compared to those on lower-income households.

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