Stock buybacks. Sales taxes. Loopholes. ... Let's count the ways that tax reforms to benefit the rich and big corporations have exacerbated inequality and drained resources from funding vital public programs.
The Biden campaign would be smart to highlight the windfall a new surtax on millionaires is generating in its first year.
Of the 43% of households owing no federal income tax this year, about half simply earned too little income to qualify, including many retired workers who live on Social Security. The remaining households likely qualify for breaks via the Earned Income Tax Credit and the Child Tax Credit.
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