Top House tax writer says billionaires’ proposal out of Biden plan -Bloomberg

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House Democrats hold news conference ahead of House passage of coronavirus relief bill on Capitol Hill in Washington

WASHINGTON – A proposal to tax the assets of billionaires is now out of consideration as a way to pay for President Joe Biden’s social spending and climate plan, U.S. House Ways and Means Chairman Richard Neal said on Wednesday, according to Bloomberg News.

House lawmakers are instead discussing a 3% surtax – on top of the top income rate – for those earning more than $10 million, Neal said, according to Bloomberg.

(Reporting by Doina Chiacu; Editing by Chris Reese and Tim Ahmann)