How billionaires pay little in taxes compared with their massive wealth — sometimes even nothing, explained in one minute
The business tax credits in the Wyden-Smith deal are five times as generous as the Child Tax Credit expansion, according to government scorekeepers.
Tax justice activists are pursuing the tax scofflaws. To escape taxes, it may not be enough for Jeff Bezos to move to Florida. He may have to move to Mars.
These two efforts build on the success of the federal Child Tax Credit in reducing child poverty and improving outcomes for children in the near and long term and are important tools for advancing equity.
Given the recent ethics questions about justices’ interactions with billionaires, it’s an interesting case to take on.
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Billionaires don’t give the same way we do.
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Congress outlawed tax deductions on “wash sales” in 1921, but Goldman Sachs and others have helped billionaires like Steve Ballmer see huge tax savings by selling stocks for a loss and then replacing them with nearly identical investments.
Instead of hiking interest rates, we could be hiking tax rates on excess profits and wealth.
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