How should billionaires ‘pay their fair share’? Democrats can’t agree.

Coming off a pandemic year in which many working-class people lost their jobs, America’s 400 richest families saw their collective wealth increase by 40%. Yet under the current U.S. tax code, these ultra-rich are likely to pay a lower tax rate than those making less than $10,000 a year – and some might pay no tax at all.

Now President Joe Biden wants to change that. 

“I hope you can be a millionaire or a billionaire,” the president said at a CNN town hall in Baltimore last week. “But at least pay your fair share. Chip in a little bit.”

Democrats are looking to revise the U.S. tax code to help fund the sweeping social reforms in the Build Back Better bill, which they say would create a more fair and equitable society. To pay for the bill – which includes everything from universal pre-K to expanded health care and

What the rich pay“Dynastic wealth”Jettisoned House plans