Wealthy people would be able to pay the tax over five years. ADVERTISEMENTSuozzi said that the surcharge he’s exploring would reflect the fact that many wealthy Americans were less hurt by the coronavirus pandemic than people with less income. The Biden administration has not endorsed proposals for wealth taxes, and the idea would be sure to face opposition from Republicans. The U.S. federal tax system is based on income, not wealth. ), but Warren’s proposal would create an annual tax rather than a one-time tax.
