If a modest 2% wealth tax was in place this year, it would have raised enough funds to pay for the next three decades of Biden’s student debt cancellation plan.
If a modest 2 percent wealth tax on a fraction of the richest households in the U.S. was in place this year, it would have raised enough funds to pay for the next three decades of President Joe Biden’s student debt cancellation plan, new data shows.released by the Institute on Taxation and Policy on Thursday finds that a nationwide 2 percent wealth tax on households worth over $30 million, or the top 0.25 percent of households, would have raised nearly $415 billion this year alone.
The wealth gap is growing with next to no regulation in place to control it. In its report, ITEP found that over one out of every four dollars of wealth in the U.S. is held by households with a net worth of over $30 million, with an estimated collective $26 trillion in wealth this year.according to the Federal Reserve
“Economic inequality in the U.S. is large, growing and highly unpopular,” ITEP wrote. “Excessive concentration of wealth runs counter to our national aspiration for genuine equality of opportunity, and it saps the vitality of our democracy through the consolidation of power and influence.” In order to begin reducing wealth inequality, ITEP recommends that lawmakers consider implementing an ongoing or one time tax on unrealized capital gains, which account for an estimated over 40 percent of wealth owned by households worth over $30 million.
Indonesia Berita Terbaru, Indonesia Berita utama
Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.
Lightning Amazon Prime Day deal slashes a whopping $400 off Motorola Edge+ (2022) priceYou only have a few hours to save a massive and extremely rare 400 bucks on an unlocked Motorola Edge+ (2022) with 5G and 512GB storage.
Baca lebih lajut »
College students can get $30 standing-room tickets at T-Mobile Park for Mariners ALDS gamesIf you're a college student, you can enter a lottery for $30, standing room tickets at T-Mobile Park as the Seattle Mariners continue their American League Division Series (ALDS) matchup against the Houston Astros. FOX13
Baca lebih lajut »
Major League Baseball teams with CBD company in $30 million partnershipMajor League Baseball will promote products from cannabis company Charlotte's Web during games and on its social media platforms under a $30.5 million partnership between the organizations.
Baca lebih lajut »
This $30 burger tastes like the death of San FranciscoThis burger exemplifies the bourgeois-ification of San Francisco.
Baca lebih lajut »
This $30 Million South Florida Mansion Lets You Dock Your Yacht in the BackyardThe Coral Gables abode also comes with eight bedrooms and stunning waterfront views.
Baca lebih lajut »
Studio behind 'Top Gun: Maverick' now valued above $4 billionSkydance Media, the Hollywood studio behind 'Top Gun: Maverick,' on Thursday announced that it raised $400 million in new funding at a valuation north of $4 billion.
Baca lebih lajut »