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So what exactly is a billionaires’ tax — and how would it work?

The prospect of a new “billionaires tax” is dawning while the chances dim for income tax and capital gains rate hikes on the rich. The tax would apply to households worth at least $1 billion, or with three straight years of income over $100 million, according to the Wall Street Journal. Although Sen. Ron Wyden of Oregon, chair of the Senate Finance Committee, has been working on the topic for years, it remains to be seen what specifically will be proposed for a spending bill that can’t afford any Democratic defectors.

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