(Washington DC) - On Tuesday, Oregon Senator Ron Wyden proposed a new tax on billionaires to help pay for President Biden's spending package. Senator Warner says he just got the details on Wednesday morning and had not had a chance to look at the particulars of the plan--saying the devil is in the details.
He does say that targeting the wealthy to pay for the package is a good place to start. Warner says he would start by eliminating some of the Trump tax cuts and raise the corporate and capital gains tax rates.
One of the ways that he sees that the wealthy could be taxed to pay for the plan is closing what he calls a tax loophole, where the very wealthy don't pay a tax on borrowing against stocks that they hold.
Warner hopes that the delicate balance of having the bill reach the president's desk and getting tax policy right can be achieved.