September 2, 2021

Salon: Former Sen. Heidi Heitkamp now lobbies for tax loophole she called “one of the biggest scams”

media mention

Amy Hanauer, executive director of the Institute for Taxation and Economic Policy, told Salon that the current loophole “unfairly allows billionaires like Jeff Bezos to avoid paying income tax on most of their real income,” because it comes from appreciation on his assets, which are now worth $99 billion more than they were 10 years ago. “That’s not fair. At the very least, income tax should be paid on that income when Bezos dies and passes his assets on. That’s what the Biden proposal to end the stepped-up basis rule would accomplish.” Read more