Senate Democrats’ tax options include large farm earnings exemption

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These proposals would both raise funds and change the choices of companies, which would end up undermining the income they generate. Sanders’ proposal to tax on CEO-employee pay ratios would increase by about $ 150 billion over 10 years if current pay practices persist, according to an estimate from his office, but it aims to reduce income inequalities.

“Mark-to-market” is also part of the program, a scheme that Wyden advocated for taxing wealth from unrealized capital gains. The proposal would require billionaires to pay annual taxes on publicly traded assets, including stocks. For assets that are difficult to place a market value each year, they would be subject to a deferral charge when sold or transferred. It is estimated to only affect around 600 people, but generates hundreds of billions in revenue, according to the Finance options document.

Carbon pricing, plastics tax

Putting a price on carbon and pairing it with a border adjustment tax for carbon-intensive imports and rebates to offset the impact for low-income taxpayers is another option, as well as a new proposal to charge a fee on sales of used “virgin plastic”. to manufacture single-use plastics.

While an adjustment to the carbon border to help level the playing field for domestic companies has been on the table since early summer, a carbon tax that applies to all emitters has not been. It is not clear whether the carbon pricing proposals have enough political support to pass, even among Democrats, but the options offered by Finance include a $ 15 per tonne tax on fossil fuel extraction. and a tax on industrial emissions from manufacturers of steel, cement, chemicals and other carbon-intensive goods.

Whitehouse’s bill, which would start the tax at 10 cents a pound next year and increase over the next two years, would apply to resins extracted from crude oil or natural gas that are used to produce petrochemicals , including plastics. According to Whitehouse, this would tax sales of resins used to make single-use plastics like beverage containers, bags and packaging. Supporters say it will discourage waste and ocean pollution in communities near petrochemical plants.

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