U.S. Senate Finance Committee Ranking Member Ron Wyden has unveiled a proposal that is meant to equalize the individual income tax treatment of wages and wealth, minimize the benefit of deferring taxes, and protect social security. A summary of the proposal as provided in a related release includes the following:
Equalization of Capital and Wage Tax Rates
- The proposal would tax wage and capital income at the same rates. Middle-class taxpayers would not pay more in taxes than they do now.…