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Illustration: Annelise Capossela/Axios

After failing to get a deal on other planned tax increases, key Senate Democrats are pivoting to a billionaires' income tax to pay for President Biden's social spending.

The big picture: No advanced economy has attempted anything similar on such a scale.

  • The approach could face constitutional challenges and logistical ones.

The details: Senate Finance Chair Ron Wyden (D-Ore.) next week will unveil a tax on the unrealized capital gains of the ultra-wealthy, Bloomberg reports:

  • "The proposal ... would set the so-called billionaires' income tax at $1 billion in annual income, or three consecutive years of $100 million or more in income — hitting some 700 taxpayers."

Between the lines: The Washington Post points out this approach "would shield not only the lower and middle classes but also exempt the bulk of the top 1 percent — concentrating the higher rates instead on the wealthiest 0.0002 percent."

The intrigue: Sen. Mark Warner (D-Va.), a member of the Finance Committee, was saying all week that senators should slow down.

  • "There's a reason why you only do tax policy in a major way every few years — it's really complicated," Warner told Axios.
  • "My fear is if we're going to try some innovative new ideas and if we don't have time to develop them ... we could mess some of this up."

Go deeper

Nov 18, 2021 - Axios Twin Cities

Property taxes for Minnesota communities to increase by 4.5% in 2022

Proposed property tax statements are going out across Minnesota. Photo: Nick Halter/Axios

Minnesotans are getting their proposed property tax statements this week, and most of you are probably noticing a hike in what you have to pay next year.

Driving the news: Overall 2022 preliminary property taxes statewide will increase by 4.5%, according to a report released this week by the Minnesota Department of Revenue.

  • That compares to last year, when overall taxes only went up by 2.1%.

Storms pummel flood-hit Pacific Northwest as border river overflows

An image of the water-logged Sumas Prairie area taken last Friday. Photo: B.C. Ministry of Transportation/Twitter.

The latest ferocious storm system to hit the Pacific Northwest triggered fresh evacuation orders and at least one mudslide in flood-ravaged British Columbia, Canada, late Sunday.

Threat level: Flood sirens sounded in Washington state as the Nooksack River overflowed. Henry Braun, mayor of Abbotsford, B.C., told reporters the water flow was headed toward the Canadian border city later Sunday. "There's nothing to stop it," he said.

Updated 3 hours ago - Health

First North American Omicron cases identified in Canada

COVID-19 testing personnel at Toronto Pearson International Airport in September. Photo: Steve Russell/Toronto Star via Getty Images

The first two cases of the new Omicron variant have been detected in North America, the Canadian government announced Sunday evening.

Driving the news: The World Health Organization has named Omicron a "variant of concern," but cautioned earlier on Sunday that it is not yet clear whether it's more transmissible than other strains of COVID-19.