82 unions and liberal groups call on Biden to create wealth tax

[DonViejo]

Source: The Hill


BY TAL AXELROD - 03/31/21 01:16 PM EDT

Scores of unions and liberal advocacy groups pressed President Biden to raise taxes on the wealthiest Americans to help pay for his sprawling infrastructure plan, which he is set to roll out later Wednesday.

Eighty-two national organizations, including the AFL-CIO, MoveOn and the Center for American Progress, sent a letter Wednesday to Biden and Vice President Harris urging them to pay for the multitrillion-dollar proposal by reversing several aspects of the 2017 tax rollbacks implemented under the Trump administration.

Among the changes the groups say should be made are a return of the top marginal tax rate on the highest incomes to 39.6 percent from 37 percent and raising the corporate tax rate on domestic profits to 28 percent from the current 21 percent. The groups said Biden should also end “the current almost 50% tax discount on investment income from long-term capital gains and dividends” on Americans making more than $1 million per year.

All of those proposals were included in Biden’s tax plan during the 2020 campaign.

Read more: https://thehill.com/homenews/administration/545784-82-unions-and-liberal-groups-call-on-biden-to-create-wealth-tax-on

[DanieRains]

1. Tax Unrealized Capital Gains And Wealth Growth Over 10 Million

It's not fair Bezos can double his wealth and not pay any taxes on his fortune.

Tax wealth accumulation like wages, and lower taxes on wages.

Bezos doesn't pay social security and medicare on his 200 billion, but you you get a paycheck you do, plus all the other taxes.

Someone making good money with a business and without write offs has to pay up to 50% of their "profit" in taxes.

This system is insane.

[Fullduplexxx]

2. Biden cant create taxes

[Hortensis]

3. Maybe that'll create more political power to do it, because it's sounding like Biden

may not ask congress for a wealth tax this time, delaying a big fight over something the uberwealthy classes see as an existential threat. (As they should. See Pelosi's implacable statement at the bottom!) Meanwhile, the planet's billionaires got an estimated 54% richer during the pandemic...

Right now, they're saying funding for the American Jobs Plan may come from a variety of means, especially various hikes in existing taxes on the wealthy such as substantial increase in the corporate rate to a suggested 28% and increases in top individual incomes tax rates and estate taxes, as well as ending fossil fuel subsidies and offshore corporate tax shelters.

It's all heading for the same goal of using tax policy to redistribute wealth down and the tax burden up. “We have to start rewarding work, not just wealth.”

We came so close to not being able to do any of this. I am so grateful!!!