Wealth Gap

Congress could use its taxing power to ensure a fairer distribution of the fruits of labor, innovation and investment, address the specific harms (the negative externalities) of AI specifically, and acquire a public stake in the companies that are driving the AI revolution.

The news coverage of the second home tax has been disconnected from the real living conditions for the millions of New Yorkers who don’t own a second (or third, or fourth) home.

Bezos' hand-picked editorial board argues that our tax code does not need to be more progressive because the share of federal income tax paid by the rich already exceeds their share of income. This is grossly misleading for at least two reasons.

The results are a mixed bag, with some states enacting promising policies that will improve tax equity and others going in the opposite direction.

Extending the expanded Child Tax Credit would benefit nearly every child in low- and middle-income families. Under current rules, 24% of white children, 45% of Black children, and 42% of Hispanic children will not receive the full credit in 2023 because their families make too little. These figures would drop to zero if the provisions were extended, helping families of all races and disproportionately helping families of color.

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.