More than one in four dollars of wealth in the U.S. is held by a tiny fraction of households with net worth over $30 million. Nationally, we estimate that wealth over $30 million per household will reach $26 trillion in 2022 with roughly one-fifth of that amount ($4.5 trillion) held by billionaires.
Publication Search Results
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report October 13, 2022 The Geographic Distribution of Extreme Wealth in the U.S.
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report October 4, 2022 Unfinished Tax Reform: Corporate Minimum Taxes
While the Inflation Reduction Act’s corporate minimum tax is a huge improvement in our tax system, implementing the global corporate minimum tax would improve it much more. And if other governments implement the global minimum tax, the United States will have an even stronger interest in joining them to ensure that new revenue collected from American corporations flows to the U.S. rather than to other countries.
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brief September 20, 2022 How the Inflation Reduction Act’s Tax Reforms Can Help Close the Racial Wealth Gap
Lawmakers have many opportunities to pass reforms that will make our tax code fairer and further reduce racial inequity in our economy. The Inflation Reduction Act is a great step forward; better taxing wealth and income from wealth and expanding targeted refundable tax credits would build on this progress.
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brief September 15, 2022 Boosting Incomes and Improving Tax Equity with State Earned Income Tax Credits in 2022
States continued their recent trend of advancing EITCs in 2022, with nine states plus the District of Columbia either creating or improving their credits. Utah enacted a 15 percent nonrefundable EITC, while the District of Columbia, Hawaii, Illinois, Maine, Vermont and Virginia expanded existing credits. Meanwhile, Connecticut, New York and Oregon provided one-time boosts to their EITC-eligible populations.
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brief September 15, 2022 More States are Boosting Economic Security with Child Tax Credits in 2022
After years of being limited in reach, there is increasing momentum at the state level to adopt and expand Child Tax Credits. Today ten states are lifting the household incomes of families with children through yearly multi-million-dollar investments in the form of targeted, and usually refundable, CTCs.
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report September 7, 2022 National and State-by-State Estimates of Two Approaches to Expanding the Child Tax Credit
The Romney Child Tax Credit plan would leave a quarter of children worse off compared to current law and help half as many low-income children as the 2021 expansion of the credit.
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brief July 20, 2022 Sales Tax Holidays: An Ineffective Alternative to Real Sales Tax Reform
Lawmakers in many states have enacted “sales tax holidays” (20 states will hold them in 2022) to temporarily suspend the tax on purchases of clothing, school supplies, and other items. These holidays may seem to lessen the regressive impacts of the sales tax, but their benefits are minimal while their downsides are significant—particularly as lawmakers have sought to apply the concept as a substitute for more meaningful, permanent reform or arbitrarily reward people with specific hobbies or in certain professions. This policy brief looks at sales tax holidays as a tax reduction device.
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July 13, 2022 Abortion-Restricting States Do Least for Children
Lawmakers have passed laws in 22 states that either immediately or soon will greatly restrict women’s rights to decide whether and when to have children. These states have some of the worst tax, spending and labor market policies for families in the U.S.
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report June 21, 2022 Creating Racially and Economically Equitable Tax Policy in the South
The South’s negative outcomes on measures of wellbeing are the result of a century and a half of policy choices. Lawmakers have many options available to make concrete improvements to tax policy that would raise more revenue, do so equitably, and generate resources that could improve schools, healthcare, social services, infrastructure, and other public resources.
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report April 26, 2022 Revenue-Raising Proposals in President Biden’s Fiscal Year 2023 Budget Plan
President Biden’s latest budget plan includes proposals that would raise $2.5 trillion in new revenue. While many of these reforms appeared in his previous budget, some of them are brand new, such as his proposal to prevent basis-shifting in partnerships and his Billionaires Minimum Income Tax.