US Politics Daily@uspoliticsdailyDemocrats' midterm wins have revived the push to make the rich pay more federally. Sen. Ron Wyden, set to lead the Senate Finance Committee, already has several tax proposals before the panel.
These include ending a lower tax rate on fund managers' profit shares and an annual levy on trusts holding over $50 million. Tax lawyers doubt any will pass while President Trump can veto them.
Sen. Ruben Gallego's bill would tax gains on assets wealthy people borrow against, covering those with $1 billion in assets or $100 million in yearly income.
