In These Times: Billionaires Are Fighting the Fair Tax Because They Don’t Want to Pay up

The Insti­tute on Tax­a­tion and Eco­nom­ic Pol­i­cy recent­ly released a study look­ing at how Illi­nois’ cur­rent flat tax struc­ture amounts to a mas­sive racial­ized wealth trans­fer from the poor­est work­ers to the ultra-rich. They found that if the grad­u­at­ed rates pro­posed in the Fair Tax had been in place for the last 20 years, the wealth­i­est 3% would have paid $27 bil­lion more in tax­es over that peri­od. And, Black and Lat­inx work­ers mak­ing under $250,000would have paid $4 bil­lion less. Our cur­rent flat tax is a legal­ized racist wealth trans­fer to the rich, and has result­ed in deep­ened pover­ty through wealth extraction. Read more