Earlier this week, Democrats released a new proposal that they said will help them pay for their infrastructure and reconciliation bills: A billionaire income tax (BIT). The legislation was drafted by Senate Finance Committee Chairman Ron Wyden (D-OR), who said the new bill would impact about 700 billionaires who earn "over $100 million in annual income for three consecutive years or who have more than $1 billion in assets," according to CNBC. Wyden says the changes would raise hundreds of billions of dollars in new revenue.
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