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Experts argue that while some rich people in the United States may see their taxes go up, the very wealthiest will experience less impact than advertised because the bill fails to levy taxes on the increase in value of assets such as real estate and stocks.

In this file photo taken on September 13, 2021, Alexandria Ocasio-Cortez and Aurora James attend The 2021 Met Gala Celebrating In America: A Lexicon Of Fashion at Metropolitan Museum of Artin New York City. - A proposal making its way through Congress and even adorning the dress of one of its most prominent lawmakers, "tax the rich" has become a rallying cry for Democrats as they seek to remake the United States' social safety net. (AFP)

A proposal making its way through Congress and even adorning the dress of one of its most prominent lawmakers, "tax the rich" has become a rallying cry for Democrats as they seek to remake the United States' social safety net. It received a prominent airing on Monday when Alexandria Ocasio-Cortez, a Democratic House representative who often decries the country's economic inequalities, wore a gown bearing the slogan written in scarlet capital letters to New York's splashy Met Gala.

“The time is now for childcare, healthcare, and climate action for all. Tax the Rich,” Ocasio-Cortez wrote on Instagram along with a photo of the white off-the-shoulder dress she said she had borrowed.

The lawmaker is expected to support a plan backed by President Joe Biden to spend $3.5 trillion over 10 years that would pay for expanding a host of social services by upping taxes on wealthy Americans and corporations.

But experts argue that while some rich people may see their taxes go up, the very wealthiest will experience less impact than advertised because the bill fails to levy taxes on the increase in value of assets such as real estate and stocks.

"It depends on how you define rich. The bill certainly raises taxes on very high earners and does so in many different ways," Corey Husak, senior government relations manager at the Washington Center for Equitable Growth, told AFP.

"The bill taxes multimillionaires and people who are merely rich, much more than it's going to affect people who are outrageously rich."

Some of the proposed tax changes represent "a real though a modest increase in the progressivity of the US tax code rate," said Samuel Hammond, director of poverty and welfare policy at the Niskanen Center.

But by wearing her motto-bearing dress to an event where tickets cost $35,00 and tables are up to $300,000, New York-area representative Ocasio-Cortez "did the rich a great service, not unlike when an Oscar winner uses their award speech to chastise Hollywood.

"It allows a wealthy audience to feel progressive without any real costs," Hammond said.

Narrow path

Branded "Build Back Better," Biden's plan is intended to "transform" American society by instituting universal pre-kindergarten, reducing child care costs, improving health care access, boosting investments in public housing, legalizing millions of migrant workers, and expanding measures to fight climate change.

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