By Richard Cowan and David Morgan
The top Democratic tax writer in the U.S. Senate on Wednesday unveiled a plan to tax billionaires’ assets to help pay for President Joe Biden’s social and climate-change agenda, but it was unclear whether it had enough support to become law.
The plan, floated by Ron Wyden, chairman of the powerful Finance Committee, is one of several mechanisms Biden’s Democrats are considering to pay for a pair of bills together worth about $3 trillion to rebuild the nation’s infrastructure, boost social spending and fight climate change.
