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October 28, 2021

Andrew Campbell 

U.S. Democrats revealed an unusual proposal to fund for climate change and social safety nets. The total spending of these bills needed about 700 rich Americans to accomplish. To achieve U.S. President Biden’s agenda is to increase income and corporate tax rate. Democrats considered the rich has responsibilities to pay more to benefit the society. 

Regulations are difficulty to tax from rich Americans. They are only taxed once they sold their assets. The accumulation of assets is nothing to do with tax revenue for nations. The federal government would change rules to charges the rich once the value of assets increased. 

Nancy Pelosi, House of Representatives Speaker, stated this proposal seemed doable. However, this plan would not bring sufficient money. She considered that other alternatives to fund for spending bills, such as better tax enforcement and international tax agreement.