Ultra-Wealthy Pelosi Made Sure Her Taxes Won't Go Up

Written By BlabberBuzz | Sunday, 14 November 2021 08:30 PM
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Ultra-Wealthy Pelosi Made Sure Her Taxes Won't Go Up

According to reports, multi-millionaire Nancy Pelosi was opposed to the so-called billionaire tax in President Joe Biden's $1.75 trillion spending bill and rejected the levy on the rich as a "publicity stunt."

The speaker of the House of Representatives - who is now in Glasgow, Scotland for the Cop26 climate summit - is reportedly worth more than $100 million, making her the sixth most valuable member of Congress.

Late last month, she took issue with plans by some of her fellow Democrats to levy a tax on billionaire's unrealized capital gains to help pay for the President's social spending bill, according to The Washington Post.

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According to the newspaper, the senior California Democrat has represented the wealth tax as a "publicity stunt" in a phone call in October.

Pelosi's reservations were because Senate Finance Committee Chair Ron Wyden had not finalized legislation for the billionaire tax by the time the White House was due to submit a renewed framework for the social spending plan, according to the New York Post, which cited a senior Democrat aide.

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The Biden Administration agreed to pull the proposed levy in late October that targeted approximately 750 billionaires.

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According to the Washington Post, this came after the tax faced criticism from many senior Democrats, including Pelosi, who complained in an October 26 phone call with senior party officials that the plan was a publicity stunt.

Sen. Joe Manchin (D-W.Va.), who has confirmed to be a thorn in Biden's side regarding passing spending legislation, likewise raised objections to the plan.

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Other senior Democrats also opposed the tax, with Rep. Dan Kildee (D-Mich.) a member of the House Ways and Means Committee, sharing Pelosi's reported feeling telling Politico back then: "It's more of a stunt."

House Majority Leader Steny Hoyer (D-Md.) announced he was "frankly and honestly disappointed" with the suggested tax.

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The New York Post reported an anonymous Democrat saying: "While I believe the very wealthiest and most fortunate Americans must contribute more to investing in our future … and paying for our past (e.g. the federal debt), taxing the unrealized gains of a small subset of people is a difficult policy to craft — let alone enforce."

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Back then, Pelosi told CNN that some of the wealth tax would "probably" be covered in the final form of the spending bill.

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She continued: "It's only 10 percent of what we — you need."

Pelosi is thought to be one of the wealthiest members of Congress, yet her exact worth varies between sources.

According to campaign finance tracker OpenSecrets, her net worth was roughly $114 million as of 2018. The website GoBankingRates estimated her net worth to be closer to $120 million in July this year.

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