After failing to tax Bezos, Democrats look to tax LeBron

Democrats have turned away from taxing billionaires and are now looking to tax multimillionaires as a means of paying for their $1.75 trillion climate and social spending package.

Last week, the major tax proposal on Democrats’ radar was a 23.8% tax on the unrealized capital gains of billionaires, a revenue-raising measure that would have affected about 700 people and targeted the untaxed wealth of the ultra-rich rather than income. By the end of the week, that proposal was all but cast to the wayside in favor of a broader surtax on income that would affect thousands.