August 21, 2021

Washington Post: How to fix our rigged tax system

Now that the Senate has passed a budget resolution, we’re one step closer to realizing President Biden’s transformational agenda: a once-in-a-generation investment in child care and Medicare, combating climate change and other efforts that would actually make our government work for families. The other half of the package — how to pay for these investments — is equally important.

The already huge gap between the 0.1 percent and everyone else is just getting wider. Billionaire wealth surged by $1.8 trillion from the early days of the pandemic through last month. The 400 richest Americans had more total wealth, as of 2019, than all 10 million Black American households, plus a quarter of Latino households, combined. Yet the ultrarich pay only 3.2 percent of that wealth in taxes, while 99 percent of families pay 7.2 percent. And scores of giant U.S. corporations pay zero.

I’ve proposed measures that would raise more than $5 trillion in revenue — far more than we need to enact the Biden plan. Though not every Democrat agrees with every one of my ideas, Biden campaigned aggressively on a suite of progressive tax policies, and voters embraced these changes at the ballot box. No matter how loudly Washington lobbyists bleat otherwise, progressive tax policies are wildly popular. Americans understand that our tax system has been rigged to reward the rich and powerful at the expense of everyone else. So let’s fix it.


Read full article here.

By:  Elizabeth Warren
Source: Washington Post