TAX PROPOSAL TO REDUCE INCOME INEQUALITY
Tax proposal to reduce income inequality. An additional 573 people have claimed billionaire status since the Covid pandemic began. Yet, 263 million people are at risk of falling into extreme poverty. The widening gap between rich and poor has led to renewed calls for the U.S. to tax wealth more. The widening divide between the haves and have nots highlights the need for more taxes on the rich. “We really need the Congress to step in and for the administration to step in and tax the most wealthy people in our society so that we can really start to invest in public services and in working people,” said Irit Tamir, director of the private sector department at Oxfam. The report comes as business leaders, politicians, and billionaires meet face to face at Davos, for the first time in two years. Tax proposal to reduce income inequality.
“Right now, the average billionaire–there about 790 of them or so in America–has a federal tax rate of 8%,” President Biden tweeted. “No billionaire should be paying a lower tax rate than a teacher, a firefighter, an electrician or a police officer,” he said. There are two main ways policymakers can “Tax the rich” according to Howard Gleckman, senior fellow at the Urban-Brookings Tax Policy Center: taxing the income or taxing the wealth of people. “Generally, what we do in the U.S. is we tax income,” Gleckman said. “We don’t really tax wealth.” That could change, based on some proposals that have been put forward. One key idea that has received attention is taxing unrealized capital gains, or the value of assets that have not yet been sold. This may be tricky with privately held businesses, particularly when it comes to determining a value both the IRS and owners can agree on.
If you have a tax debt or unfiled tax returns, we can help. We are a 36 year old Tax Resolution Company that is a leader among Tax Resolution Companies. We are a Nationwide company and will help you determine your Tax Relief options, including the IRS Fresh Start Program and all options outside of that program. Our Tax Resolution is stress free helping eliminate an IRS Wage Garnishment or Bank Levy. Call for a free Tax Resolution Services consultation today. 1-888-689-7861