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House Democrat Pitches New Wealth Tax as Midterms Draw Near

A House Democrat is proposing that Congress tax large lines of credit that help the nation’s highest earners convert appreciated assets into cash, a tax-the-wealthy policy those on the left have wanted for years.

Sources (1)· Oct 20, 9:06 AM

Every telling

their own versions

Bloomberg Tax News· Oct 20, 9:06 AMHouse Democrat Pitches New Wealth Tax as Midterms Draw Near

The thread

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A new federal voucher could help public schoolsThe new scholarship tax credit program could help public school families pay for some educational services, but advocates worry it could do more harm than good.

NPR2d agoWhole story →

Wall Street con man Daniel Gordon dodges $59M NY tax bill, lives it up in Calif.Convicted Wall Street swindler Daniel Gordon owes New York $59.1 million in taxes while living in a $4.9M California mansion and peddling erectile dysfunction pills while earning praise from Gov. Gavin Newsom.

New York Post2d agoWhole story →

Boomers want higher taxes to save Social Security — but is there a better way?Social Security’s funding shortfall has started a serious debate among young workers and their elders, with younger workers frustrated that older Americans are asking them to pay higher taxes to protect the benefits they’ve been counting on. A new poll highlights the divide — 89% of Americans over 65 support preserving current retirees’ benefits, even if…

The Blaze2d agoWhole story →

IRS Exchange-Traded Fund Crackdown Means Resetting Client WishesPractitioners who get ahead of the IRS’s focus on exchange-traded funds will be better positioned to guide clients through whatever the Treasury, the courts, or Congress decides next, Lehman College’s Sean Stein Smith writes.

Bloomberg Tax News2d agoWhole story →

Education irs etf crackdown

Healey Rejects Calls to Increase Capital Gains Tax in UK BudgetChancellor of the Exchequer John Healey won’t increase the UK’s tax on capital gains in his budget next week, as he relies instead on a levy on bank revenues to fund the Labour government’s plans.

Bloomberg2d agoWhole story →

Economy uk budget announcement

Since

What to know about California’s other tax-the-rich measure: Prop. 3Voters first passed the tax in 2012, then renewed it in 2016. Now, its supporters are asking voters to make it permanent before it expires in 2031.

CalMatters14h agoWhole story →

Georgia GOP candidate's courtroom slip reveals lucrative stake in Trump's pet projectGeorgia Republican gubernatorial nominee Rick Jackson quietly loaned $20 million at 12 percent interest to a Texas oil refinery that President Donald Trump has hailed as a crown jewel of his “energy dominance” agenda – and that deal is now becoming a liability in one of the country’s tightest governor’s races. The healthcare billionaire’s loan and…

Raw Story13h agoWhole story →

United CEO Scott Kirby Says US National Wealth Tax Seems FairUnited Airlines Holdings Inc. Chief Executive Officer Scott Kirby defended his support for a national wealth tax that’s been lampooned by conservative politicians, arguing that the current system unfairly allows the richest Americans to accumulate fortunes without paying taxes on investment gains.

Bloomberg12h agoWhole story →

Chicago Seeks to Borrow for Police Settlements, Revive Head TaxChicago Mayor Brandon Johnson’s budget for next year includes a renewed push for a per-employee head tax on businesses and a request to sell millions in bonds to pay down settlements and judgments for past police misconduct.

Bloomberg11h agoWhole story →

Why Microsoft and others are on the sidelines of WA ‘millionaires tax’ fight - Wed, 21 Oct 2026 PSTThe last time Washingtonians voted on an income tax, the state's biggest corporations opened their wallets to kill the idea. In 2010, Microsoft and Boeing and top executives for companies including Amazon bankrolled opposition to an initiative that would have levied a tax on people making $200,000 or more a year. Voters overwhelmingly rejected the plan.

Spokane Spokesman-Review9h agoWhole story →

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