Democrat behind SALT push floats one-time multimillionaire tax

Representative Tom Suozzi, one of the leaders in Congress behind the push for an expansion of the state and local tax deduction, is considering proposing a one-time wealth tax on the richest Americans.

The New York Democrat is weighing a proposal for a one-off 2.5% levy on accumulated wealth over $50 million and a 5% tax on assets over $100 million, according to the Suozzi’s office. Rich individuals who would be subjected to the tax could pay the levy over five years. Dylan Smith, a spokesman for Suozzi, said he still in the “exploration phase” of developing the plan.

The tax could raise hundreds of billions of dollars in

→ Continue reading at Crain's New York Business

[ufc-fb-comments url="http://www.newyorkmetropolitan.com/news/democrat-behind-salt-push-floats-one-time-multimillionaire-tax"]

Latest Articles

Related Articles