Reuters

U.S. billionaire tax proposal seems to unite Democrats – but will it work?

A first-of-its-kind proposal from Democratic lawmakers to tax U.S. billionaires on the assets they own is expected to face challenges from the super-rich, and be tough to implement, say tax experts and investors. The proposal, set to be unveiled as soon as Tuesday, would require roughly 700 U.S. billionaires to pay taxes annually when their stocks and some other assets increase in value, according to people familiar with the matter. House of Representatives Speaker Nancy Pelosi says Democrats hope the plan would raise as much as $250 billion to help pay for expanding the social safety net and tackling climate change.

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