The news comes amid talks in Washington on funding Biden's initiative, with Democrats and Republicans remaining divided on whether to approve the tax hikes. US president Joe Biden has scrapped plans to impose a wealth tax to fund his administration's Build Back Better Initiative valued up to $3tn, Politico reported on Wednesday, citing people familiar with the matter.
The wealth tax was led by numerous Democrats led by Sen Elizabeth Warren [D-Mass] and aimed to raise funds for US programmes and narrow rising income inequality, the report said.
The plans would seek a 2 percent annual tax for earners over $50m and 3 percent for people worth more than $1bn.
Poster Comment:
Billionaires voted for Biden not Trump.