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