Sanders Vows to Tax Billionaires Who Grew 62% Richer During Pandemic
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The billionaire class is enjoying a massive windfall as working-class households are being crushed by Covid-19, which has killed more than 625,000 people and left millions jobless. And yet, “because the current tax code is riddled with loopholes and special breaks that allow the super wealthy to avoid paying their fair share of taxes,” AFT and IPS noted in their new report, most of the $1.8 trillion in billionaire gains won’t be taxed—unless someone sells their assets or lawmakers unrig the tax system.
“The unconscionable growth in billionaire wealth through the misery of the pandemic is the clearest case I can imagine for the progressive tax reform working its way through Congress,” Frank Clemente, ATF’s executive director, said in a statement.
“We have a historic opportunity this year to begin unrigging the tax code and rebalancing the economy through fairer taxes on the wealthy and corporations, including taxing wealth more like work, raising the corporate tax rate, and curbing corporate offshore tax dodging,” said Clemente. “We can’t let the high-powered lobbyists for wealthy special interests stall this long-overdue reform.”
Citing a recent ProPublica analysis showing that the richest 25 billionaires in the U.S. paid a true federal tax rate of just 3.4% between 2014 and 2018 despite their surging net worth, AFT and IPS pointed out in their new report that billionaire wealth gains currently enjoy a “virtual tax-free status.”
Jesus: Hey, Dad? God: Yes, Son? Jesus: Western civilization followed me home. Can I keep it? God: Certainly not! And put it down this minute--you don't know where it's been! Tom Robbins in Another Roadside Attraction
August 27, 2021 at 1:35 PM #442510salemcourtParticipant
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To force this policy?
August 27, 2021 at 2:06 PM #442514Passionate ProgressiveParticipant
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Joe Biden, it’s just hot air.
The ultimate measure of a man is not where he stands in moments of comfort and convenience, but where he stands at times of challenge and controversy.....Martin Luther King '63
It takes all the technical proficiency our system can provide to make up for the woeful lack of popular support and political savvy of most of the regimes that the West has thus far sought to prop up.........Bernard Fall
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