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New report reignites push for wealth tax | TheHill
Jun 09, 2021 3 mins, 6 secs
A blockbuster ProPublica report on the taxes paid by the richest Americans is reigniting a push from progressives for a wealth tax.

The report, based on tax-return data ProPublica received from an anonymous source, details how prominent billionaires like Jeff BezosJeffrey (Jeff) Preston BezosSenate passes long-delayed China bill On The Money: Biden ends infrastructure talks with Capito, pivots to bipartisan group | Some US billionaires had years where they paid no taxes: report | IRS to investigate leak Feds looking into release of wealthy Americans' tax info MORE and Elon MuskElon Reeve MuskOn The Money: Biden ends infrastructure talks with Capito, pivots to bipartisan group | Some US billionaires had years where they paid no taxes: report | IRS to investigate leak Feds looking into release of wealthy Americans' tax info Some US billionaires had years where they paid no taxes: report MORE have paid little to no taxes in some recent years, particularly when compared to their wealth gains.

Democrats have increasingly made raising taxes on the rich a top priority in recent years, and some progressives have called for going even further than Biden’s proposals by establishing a wealth tax that would impose taxes on net worth rather than income.

Democrats said that ProPublica’s report underscores the need for action to increase taxes on the rich, who have most of their wealth tied up in stocks and real estate.

Bernie SandersBernie SandersSenate passes long-delayed China bill Biden ends infrastructure talks with key Republican Five key parts of the Senate's sweeping China competitiveness bill MORE (I-Vt.), another prominent progressive, said that the report demonstrates the need at a minimum to pass the tax increases on the wealthy and corporations that Biden has proposed.

Treasury Secretary Janet YellenJanet Louise YellenThe Hill's Morning Report - Presented by Facebook - Democrats' agenda in limbo as Senate returns Ireland, loved by Biden, is obstacle to tax deal Biden administration seeks to thread needle on inflation MORE said at a New York Times virtual event earlier this year that there are implementation challenges associated with a wealth tax.

“Broadly speaking, we know that there is more to be done to ensure that corporations, individuals who are at the highest income, are paying more of their fair share, hence it's in the president's proposals, his budget, and part of how he's proposing to pay for his ideas,” White House press secretary Jen PsakiJen PsakiHouse Judiciary Democrats call on DOJ to reverse decision on Trump defense Biden talks reconciliation with Schumer as infrastructure negotiations falter Justice surprises, dismays with Trump defense MORE said Tuesday when asked about the ProPublica article.

The new report “is the latest data point in a bounty of evidence that proves the inequality of our tax system,” said Jayapal, adding that the effects of the COVID-19 pandemic also exposed the wealth gap between billionaires who got richer from the stock market and millions of Americans who lost their jobs and health insurance. .

Senate Finance Committee Chairman Ron WydenRonald (Ron) Lee WydenSenate passes long-delayed China bill Shareholders to pressure Thomson Reuters on cutting ties with ICE Some US billionaires had years where they paid no taxes: report MORE (D-Ore.) said following the ProPublica report that he plans to release more details soon about his proposal to tax wealthy households’ investment gains annually, rather than when the investments are sold.

He said he’s committed to ending a “double standard” where middle-class Americans pay taxes with every paycheck but wealthy people can defer paying taxes.

“The ultra rich pay nothing in taxes, amassing their obscene wealth on the broken backs of everyday Americans paid poverty wages,” tweeted Rep.

The ultra rich pay nothing in taxes, amassing their obscene wealth on the broken backs of everyday Americans paid poverty wages.

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