Senate Finance Committee Chair Ron Wyden (D-OR) has announced the introduction of the Billionaires Income Tax Act, cosponsored by 14 other Democratic Senators. A one-page summary of the Act includes the following:
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The Billionaires Income Tax
Working Americans like nurses and firefighters pay taxes out of every paycheck, but billionaires do not. They're able to avoid paying a fair share in taxes for decades, if not indefinitely, through a simple scheme:
- Buy: Billionaires acquire and…