Tag Archives: Tax the Rich

Dems can’t let Sinema kill their last chance to tax the rich

Last week, Bloomberg reported that Senate Democrats have re-engaged in negotiations with West Virginia Senator Joe Manchin over passing a “skinny” version of President Biden’s Build Back Better Act. Manchin was one of the primary reasons the original Build Back Better Act failed to advance through the Senate after passing the House, so if Senate Democrats can get him on board, there’s good reason to believe Biden’s would-be signature economic … Continue reading Dems can’t let Sinema kill their last chance to tax the rich »

Time To End the Capital Gains Rate Giveaway

If you didn’t already know the federal tax law is a loophole-ridden mess that lets the ultra-rich pay a fraction of what they should, you could figure it out from this recent ProPublica headline: The Great Inheritors: How Three Families Shielded Their Fortunes From Taxes for Generations. Or, better yet, this one: How Susquehanna’s Jeff Yass Avoided $1 Billion in Taxes. Of course, if you’re … Continue reading Time To End the Capital Gains Rate Giveaway »

Honor Juneteenth by Closing the Racial Wealth Gap

This Sunday, the United States observed Juneteenth for the second time as an official federal holiday. We hope that you were able to take some time over the weekend to commemorate the day and reflect on the history of our nation and our aim toward a more just society for Black Americans. Juneteenth provides an opportunity for us all to reflect on how far we still have … Continue reading Honor Juneteenth by Closing the Racial Wealth Gap »

Biden’s inflation strategy? Tax the rich

Yesterday, President Joe Biden penned an op-ed for the Wall Street Journal that outlines his three-part plan to fight inflation. We encourage you all to read it here if you haven’t already. For today’s Closer Look, we would like to highlight one of the three parts of Biden’s plan that rarely gets the attention it deserves when policymakers are talking about solutions for inflation: taxing the rich. … Continue reading Biden’s inflation strategy? Tax the rich »

Earth to Davos! Tax the Rich

This week, nearly 2500 world leaders are gathering in Davos, Switzerland for the World Economic Forum Annual Meeting – better known as simply “Davos.” This is the first time since the start of the pandemic that international elites have gathered together in person for the annual conference. At Davos, some of the world’s richest and most powerful people gather in exclusive private meetings to discuss how to … Continue reading Earth to Davos! Tax the Rich »

We need to tackle excessive CEO pay and wealth

Yesterday, The Wall Street Journal released a new bombshell report on the record-breaking rise in CEO pay. For this week’s Closer Look, we want to highlight some of the report’s biggest findings and the ways in which they underscore the urgent need to tackle excessive CEO pay and wealth in America. According to the report, median pay for CEOs at American S&P 500 companies rose to … Continue reading We need to tackle excessive CEO pay and wealth »

Musk’s Twitter buyout is all about billionaire power

Yesterday, Twitter accepted a $44 billion buyout offer from Elon Musk, the CEO of Tesla and SpaceX and richest man in the world. The buyout will take one of the world’s largest and most popular social media platforms private. The news has dominated headlines around the world since it broke. While politicians and media pundits have largely been discussing how the move will impact the future of Twitter itself … Continue reading Musk’s Twitter buyout is all about billionaire power »

Why Billionaires Don’t Stress About Tax Day

This past Monday was Tax Day, which is undoubtedly no American’s favorite holiday. But the pain of Tax Day is not shared by all. While the typical American pays a good amount of every paycheck in taxes and hopes to get a refund after submitting their return, the ultra-wealthy have a variety of tools at their disposal that allows them to keep Tax Day virtually … Continue reading Why Billionaires Don’t Stress About Tax Day »

This Tax Day, It’s All About Billionaires

In case you missed it (and we hope you didn’t), yesterday was Tax Day in America. It was the last day for millions of Americans to file their federal, state, and local tax returns for the 2021 fiscal year. Most Americans dutifully pay their fair share in taxes by the tax filing deadline every year but, unfortunately, there is one group of people that notoriously … Continue reading This Tax Day, It’s All About Billionaires »

So who are the wealthy in America, anyway?

In case you missed it, Forbes released their 2022 World’s Billionaire List last week. According to their research, there are now 2,668 billionaires around the world who boast a collective wealth of $12.7 trillion. The United States is home to 735 of them, with a combined worth of $4.7 trillion. It’s obvious that America’s billionaires are really wealthy, but it can sometimes be difficult to appreciate just … Continue reading So who are the wealthy in America, anyway? »

Manchin needs to get behind the Billionaire Minimum Income Tax

Yesterday, President Biden and the White House unveiled their $5.8 trillion budget request for the 2023 fiscal year. There are many parts of the budget that are garnering headlines, but the most exciting is clearly Biden’s “Billionaire Minimum Income Tax” proposal. The Billionaire Minimum Income Tax would institute a 20% minimum tax rate on incomes for households worth $100 million or more. It would only affect the top 1% … Continue reading Manchin needs to get behind the Billionaire Minimum Income Tax »

How to Fix America’s Roundabout, Badly Broken System for Taxing our Richest

Bob Lord, a tax policy Senior Advisor for the Patriotic Millionaires, recently published a piece in inequality.org titled “How to Fix America’s Roundabout, Badly Broken System for Taxing our Richest.”  In this piece, Bob contends that the reason the richest in America have never been richer is because the American tax system has failed to place a check on the ultra-rich’s wealth growth. Over the … Continue reading How to Fix America’s Roundabout, Badly Broken System for Taxing our Richest »

You pay taxes every year – why don’t billionaires?

This year’s tax season is upon us. Americans everywhere are printing out their W2s or firing up their tax software to make this year’s April 18 filing deadline. It’s an annual tradition that, while not the most enjoyable, is at least a universally shared pain. Except it’s not. There’s an important group of people who don’t have to pay their taxes every year (much less … Continue reading You pay taxes every year – why don’t billionaires? »

Inequality is Out of Control

If the last year has taught us anything, it’s that we can no longer ignore the widening disparity between the richest Americans and the rest of the country. We’ve seen billionaire wealth (and some billionaires themselves) skyrocket to unprecedented levels, while most Americans are just struggling to get by. This is simply unsustainable – we are reaching a point where inequality is so extreme that … Continue reading Inequality is Out of Control »

Inequality will not be solved with tax breaks for the rich

As Democrats in the Senate continue to debate the final details of what should be included in the Build Back Better Act, we want to take this week to shine a spotlight on why this piece of legislation is so important. Inequality in the United States and around the world is out of control. The recently-released 2022 World Inequality Report details just how bad this problem has gotten, and … Continue reading Inequality will not be solved with tax breaks for the rich »

Pass the Billionaire Wealth Tax

Democrats in Congress are close to finalizing a deal on the Biden Build Back Better Agenda, and they’re considering including one of the most significant tax changes in decades – the Billionaires Income Tax – in their reconciliation bill. This tax, also known as mark-to-market, would target only about 700 billionaires (forget the top 1%, this is the top 0.0002%), and force them to start … Continue reading Pass the Billionaire Wealth Tax »

Defending the Billionaires Income Tax

Things are getting interesting in Washington, where Democrats are considering including one of the most significant tax changes in decades – a Billionaires Income Tax – in their budget reconciliation bill. This Billionaires Income Tax, also known as mark-to-market, would mark a historic change in the way that the ultra-wealthy are taxed. It targets only the absolute richest Americans, about 700 billionaires (forget the top … Continue reading Defending the Billionaires Income Tax »

A Victory for International Tax Fairness

Last Friday, the Organization for Economic Cooperation and Development (OECD), an international organization of countries working together toward economic progress, announced that 136 countries, including the United States, have agreed to a global minimum corporate tax rate of 15%. This is huge news. For far too long, countries around the world have engaged in a “race to the bottom” with regards to corporate taxes. Countries … Continue reading A Victory for International Tax Fairness »

Tax Havens and Tax Reform

This week, the International Consortium of Investigative Journalists released The Pandora Papers, a scathing exposé that details how the world’s wealthiest take advantage of international tax loopholes and tax havens to hide their wealth across the globe. While the report largely focuses on the finances of international leaders and elites, the fact that the wealthy are using loopholes to dodge their taxes is nothing new … Continue reading Tax Havens and Tax Reform »

Conservative Dems Can’t Handle the Truth

Last week conservative Democrats attempted to sabotage the President’s agenda and they were solidly defeated. Their demand that the House vote on the bipartisan infrastructure package before details of reconciliation were finished, in direct opposition to a deal agreed upon by Democrats in the House, Senate, and White House, would have sabotaged any attempts to pass the desperately needed funding and tax hikes on the … Continue reading Conservative Dems Can’t Handle the Truth »