![]() Pressure on Congress to give the IRS more resources to unearth hidden income among the wealthy is also intensifying.Īs IRS Commissioner Charles P. corporations could be paying higher taxes.” The tax would raise more than $3 trillion over 10 years, according to an analysis done for Warren by Zucman, the tax evasion study coauthor, and his UC Berkeley colleague Emmanuel Saez.īiden shares Warren’s view that “middle-class families are paying more than their fair share and those at the top are not doing their part,” White House Press Secretary Jen Psaki said on March 15. That would encompass about 100,000 households, or the top 0.05%, Warren says. Bernie Sanders (I-Vt.) - who also proposed a wealth tax during the campaign - and a host of Democratic senators and representatives, would impose an annual 2% levy on the net worth of households and trusts valued at more than $50 million and 3% on those valued at more than $1 billion. Warren’s Ultra-Millionaire Tax Act, cosponsored by Sen. Elizabeth Warren (D-Mass.) has re-upped her proposal for a wealth tax on the richest Americans, first offered during her presidential campaign in 2020. President Biden is likely to propose raising tax rates on them to fund his economic initiatives, including a $3-trillion infrastructure program soon to be rolled out - or rather, restoring the tax rates on top brackets that were in place before former President Trump and a Republican-controlled Congress slashed them in 2017. The study doesn’t come at a good moment for the super-rich. Therefore, “while the income of taxpayers in the bottom 99% of the income distribution is comprehensively examined,” they write, “up to 35% of the income earned at the top is not.” ![]() That’s not true of pass-through businesses. ![]() Why is economic inequality growing in America? Blame the lack of tax enforcement. Business Column: 23,000 households reported income over $10 million last year. ![]()
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