Democrat Behind SALT Push Floats One-Time Multimillionaire Tax
- Patriot tax would hit fortunes worth at least $50 million
- Idea could fund expansion of valuable SALT write-off
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Representative Tom Suozzi, one of the leaders in Congress behind the push for an expansion of the state and local tax deduction, is considering proposing a one-time wealth tax on the richest Americans.
The New York Democrat is weighing a proposal for a one-off 2.5% levy on accumulated wealth of more than $50 million and a 5% tax on assets over $100 million, according to the Suozzi’s office. Rich individuals who would be subjected to the tax could pay the levy over five years. Dylan Smith, a spokesman for Suozzi, said he still in the “exploration phase” of developing the plan.