TAX PROPOSAL TO REDUCE INCOME INEQUALITY
June 11, 2022 - Douglas Myser
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.
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