Wealth-tax again until it passes.......

Wyden undeterred by pending wealth-tax defeat in California

The likely incoming chair of the Senate Finance Committee said his proposal to tax investors more is not a wealth tax.

Brian Faler

Sen. Ron Wyden shrugged off the apparent defeat of a wealth tax in California, saying he is undeterred in his push to impose a new type of federal tax on the super-rich.

In a briefing with reporters Monday, the Oregon Democrat said his plan isn’t technically a wealth tax and noted that it has attracted a long list of co-sponsors amounting to half of all Senate Democrats.

“It hasn’t changed my thinking at all,” said Wyden who in line to become head of the tax-writing Finance Committee next year after Democrats’ sweeping wins in last week’s midterm elections.

Wyden wants the ultra-wealthy to begin paying annual capital gains taxes on the appreciation in value of their assets, even if they aren’t sold.

He also said he “very much” hopes that former Sen. Sherrod Brown (D-Ohio), who won reelection to the chamber last week, will rejoin him on the committee, though Wyden declined to comment on whether Brown will reclaim his seniority on the panel.

Separately, Wyden said he hopes lawmakers will approve a package of tax administration changes during a lame-duck session of Congress. He also said his committee is examining its options for going after the deal the Justice Department announced earlier this year to spare President Donald Trump from IRS audits, a decision that has incensed Democrats.

“I’ve got my lawyers checking it out, and I’ll have more to say on it,” he said. “We’re looking into what the options are.”

Wyden also said he doesn’t have an opinion on the notion of Democrats passing a major reconciliation bill next year showcasing the party’s priorities, which Trump would almost certainly veto. The idea was endorsed last week by Sen. Chris Van Hollen (D-Md.), a potential 2028 presidential candidate, in an interview with POLITICO.

“Let me take a look,” said Wyden. “I haven’t had a chance to dig in.”