PUBLIC WANTS MORE WEALTH TAXES

PUBLIC WANTS MORE WEALTH TAXES

Public wants more wealth taxes. When candidate Biden ran for office, he promised to pay for his programs by increasing taxes on the rich and crating a wealth tax on unrealized capital gains. Then he became President and proposed a 20% tax on any family that had a net worth of over $100 million. Yet it never gained much support among Republicans in Congress. In fact during the mid-terms the Republicans running for re-election were making promises of extending the Trump era tax cuts that produced the largest deficits in U.S. History, giving over 90% of the tax cuts to the rich. Yet due to a populist movement, the idea of taxing the rich has not died down, but has gained traction among the general public, as the Panama Papers and Pandora Papers, showed a segment of society, including politicians, sports figures, celebrities, overseas dictators, and others who hid money from being taxes in any way at all. Once those revelations came out, the idea of taxing the rich only gained steam. Public wants more wealth taxes.

TAX RESOLUTION SERVICES

Steve Rosenthal, senior fellow at the Urban Brookings Tax Policy Center stated, "We have some fabulously wealthy American households. But we're not collecting on that wealth because the estate tax is so porous." The top marginal rate on income taxes is 37%, yet the highest earners generally pay 20% for long term capital gains, along with a Obamacare surcharge. From 2010 to 2018, the richest 400 American families paid an 8.2% average federal income tax rate. That was according to a recent White House analysis. While the average American pays 13.03%. Senator Elizabeth Warren has called for a yearly 2% "ultra millionaire tax" on Americans with a net worth over $50 million. For those of you who are struggling to get the best rate on your taxes, we offer Tax Resolution Services that include filing of tax returns. Our Tax Resolution Company is A+ Rated by the Better Business Bureau.