WASHINGTON, DC – Senator Elizabeth Warren and other Democrats are introducing a bill that would require “the richest” or more than $ 50 million in net tax.
Legislators say the ultra-millionaire tax law closes the racial gap by requiring the wealthiest families in the United States to “pay their fair share” to 100,000 families. Those families represent the highest.05%.
The bill imposes a 2% annual tax on innocent households and trustees of $ 50 million to $ 1 billion. They pay a total of 3% tax on those with a net worth of more than $ 1 billion.
Extreme Millionaire Tax generates at least $ 3 trillion in more than 10 years without tax on 99.95% of U.S. households worth less than $ 50 million. University of California-Berkeley.
Warren is in Press release She believes the money could be used to invest in President Joe Biden and other Democrats’ priority child care and early childhood education, K-12, and infrastructure.
The richest and most powerful have cheated the rules to their advantage, paying a maximum of 0.1% less than the minimum 99%, and the billionaire’s wealth is 40% higher before the COVID crisis begins. Voters on both sides have good reason to believe that the system has been manipulated to benefit the rich and large corporations. As Congress develops more plans to support our economy, the tax must be at the top of the list to pay for those plans because of the high revenue it generates.
The law also includes anti-theft and elimination measures, including a $ 100 billion investment to rebuild and strengthen the IRS. The resources will be used to hire and train more staff, update IT systems and implement new asset pricing, reporting and performance standards.
The bill also imposes a 30% minimum audit rate on most millionaire taxpayers and a 40% “exit tax” on the net, which exceeds the US dollar to avoid any U.S. citizenship. Pay taxes.
Families have become richer as households struggle to keep food on the table, keep it warm, and pay their rent in the midst of a severe economic crisis that has led to a sharp rise in poverty for at least 60 years. ፡ Searching “The very millionaire tax law will help us to raise the playing field, narrow the race gap, get the rich to start paying their fair share, and invest billions of dollars in our communities so that we can make a real difference in our lives. People all over America
Bill’s co-author, Rep. Brendan Boyle, said: “The high level of wealth between a small number of millionaires and billionaires is a crisis for American capitalism and the American dream.” Wealth inequality is at an all-time high. Since the late 1970s, the richest share of 0.1% has tripled. It is important that the most important millionaires continue to have important government programs. To help the American every day. Our proposal will make a significant difference in the lives of the most demanding Americans and strengthen the declining middle class in our country.
The bill was co-sponsored by Sensei Bernie Sanders, Liden White House, Jeff Merckley, Christen Gliibrand, Brian Shachaz, Edward J. Marky, and Mazi Hirono.