Our tax policies enable people like Elon Musk and Donald Trump to accumulate more wealth than anyone could ever use in a lifetime. They then use it to steer elections and shape public policy to further enrich themselves and others like them. We should defeat the enormously destructive tax bill in Congress and instead craft tax policy that taxes the rich, makes our democracy more fair, and returns resources to the rest of the country.
In last night’s address to Congress, President Trump spent more time insulting Americans, lying, and bragging than he did talking about taxes. But regardless of what President Trump and Elon Musk talk about most loudly and angrily, there is one clear policy that they and the corporations and billionaires that support them will try hardest […]
Billionaires and businesses have too much power in Washington. Tax revenue is needed to pay for things we all need. If we want economic justice, racial justice and climate justice, we must have tax justice.
October 30, 2024 • By Brakeyshia Samms, Jon Whiten
In the coming 14 months, federal lawmakers should address longstanding issues of racism in the tax code. With a presidential election this fall and many provisions of 2017’s Trump tax law expiring at the end of 2025, the debate over tax policy and economic fairness is in full swing.
Every child deserves the opportunity to succeed in society – and tax policy has a huge role to play in making that happen. Better tax policy can help prepare our young children with skills to become successful and thriving adults.
March 26, 2024 • By Amy Hanauer
The federal estate tax should ensure that family dynasties who’ve amassed enormous fortunes pay their fair share in taxes. But because policymakers have repeatedly doubled and tripled the immense sums that can be passed on before the tax kicks in, the estate tax today affects almost no one.
President Biden discussed multiple tax proposals during the State of the Union address to Congress. Several of these proposals appeared in the budget plan he submitted to Congress last year, but at least two appear to be new proposals. Raise Corporate Tax Rate from 21 Percent to 28 Percent 10-Year Revenue Impact in President’s Previous […]
December 21, 2023 • By Steve Wamhoff
Tax policy may not be on the minds of most Americans during the final weeks of 2023, but billionaires with an eye on their own tax bills have been riveted by developments in D.C.
December 1, 2023 • By Steve Wamhoff
On Tuesday, the U.S. Supreme Court will begin hearing oral arguments in Moore vs. United States, which could become the most important tax case in a century. A broad ruling could destabilize our tax system, enrich many profitable corporations, and widen existing economic and racial inequalities.
Workers of all races and ethnicities are confronting a tax code that puts them at a disadvantage relative to those with immense wealth, and people of color and women are among those most likely to be negatively impacted by this injustice.
October 17, 2023 • By Brakeyshia Samms, Moore v. United States
Moore v. United States, already a cause for concern for tax lawyers, could create more barriers for racial equity advocates working to reverse the economic plight of many households of color.
October 6, 2023 • By Steve Wamhoff
One of the most attention-grabbing anti-tax campaigns at work today is called SAFE, which stands for Saving America’s Family Enterprises. But it might as well mean Saving Aristocrats From Everything given the outfit’s knack for opposing any national proposal to limit special tax advantages that only the wealthy enjoy. The basic approach of SAFE is […]
May 25, 2023 • By Steve Wamhoff
Instead of focusing on low-income people who are already mostly employed or facing significant barriers to employment, lawmakers who want to encourage labor force participation should revisit existing tax breaks subsidizing wealthy individuals who live off their assets rather than work.
May 9, 2023 • By Steve Wamhoff
Congress absolutely should raise taxes on the rich and on corporations to generate revenue and improve the fairness of our tax code. President Biden has several proposals to do exactly that. But this is an entirely separate question from whether we should raise the debt ceiling to honor the debts the nation has already incurred and avoid an economic apocalypse.
May 3, 2023 • By Joe Hughes
House Republicans recently voted to rescind the green energy and electric vehicle tax credits that were enacted last Congress as part of the Inflation Reduction Act. This newfound willingness to raise taxes stands in contrast to the recent position of almost the entire House Republican Caucus.
As one of the most prosperous countries in human history, we have enough resources for our collective needs. By better taxing corporations and the wealthiest, we can generate revenue to improve family security, strengthen our communities, and reduce the debt too.
March 9, 2023 • By Michael Ettlinger
Most Americans pay more in Social Security and Medicare payroll taxes than they pay in federal personal income tax. So just looking at the personal income tax for comparison misses most of the taxes middle-income Americans pay. That is not true for billionaires because a much, much smaller proportion of their income is subject to the federal payroll taxes.
March 8, 2023 • By Joe Hughes
As part of his new budget plan, President Biden is asking the richest Americans to pay a little bit more to strengthen Medicare. The proposal includes raising taxes related to Medicare very slightly for the highest earners and closing a loophole that some wealthy individuals use to avoid Medicare taxes altogether.
February 7, 2023 • By Amy Hanauer
After decades of Presidents who ran away from taxes, it’s a sea change to have a chief executive who understands that the rich should pay their fair share, extremely profitable corporations should pay their fair share, and the public sector should have revenue to invest in problems – like climate change and healthcare – that will only be solved with pathbreaking public action.
Lawmakers in seven states will introduce legislation this week to tax wealth in a new coordinated effort to combat ever-increasing income and wealth inequality. The bills couldn’t come at a better time, as those at the very top continue to pull apart from the rest of us and far too many states contemplate piling on to this runaway inequality with seemingly endless tax cuts for those at the top.
September 13, 2022 • By Steve Wamhoff
The Inflation Reduction Act signed by President Biden last month will crack down on corporate tax dodgers and strengthen enforcement of tax laws already on the books, raising hundreds of billions of dollars to be spent on climate, health and other priorities. But these reforms will not directly raise taxes on even the wealthiest individuals. […]
April 6, 2022 • By Steve Wamhoff
The Billionaires’ Minimum Income Tax included in President Biden's budget plan would limit an unfair tax break for capital gains income and complement proposals the president has offered previously to limit other tax breaks for capital gains.
April 6, 2022 • By Steve Wamhoff
Find the answers to some frequently asked questions about President Biden's Billionaires’ Minimum Income Tax, which would limit very wealthy individuals’ ability to put off paying income taxes on capital gains until they sell assets.
In this country, wealthier than any other and wealthier than we’ve ever been, we can create a smarter, more equitable tax code that better taxes those most able to pay.
October 27, 2021 • By Steve Wamhoff
While the Ways and Means bill includes many helpful tax reforms, people like Jeff Bezos and Elon Musk would still pay an effective tax rate of zero percent on most of their income if it was enacted without this change. Sen. Wyden’s proposal would finally end this injustice.