9 Groups Who Should Brace for Higher Income Taxes
Recent proposals would hike taxes for people with a wide range of incomes.
At this point, higher taxes are more a question of when than if.
Tax increases for the wealthiest Americans were a central part of President Joe Biden’s campaign, and his recent proposals call on Congress to enact such tax hikes. (Not to mention some members of Congress have their own plans for raising individual income taxes.)
Most of the tax increases proposed by Biden or Congress so far this year are simply efforts to make good on campaign promises to tax the wealthy and corporations but not all of them are.
April 27, 2021 Share
On one side of the TikTok split screen was a middle-aged man, ranting that “millennials and Generation Z have the Peter Pan syndrome.”
“They don’t ever want to grow up,” he said, referring to the fictional character who fights adulthood.
On the other side of the split screen, a teenager contemplated the rant before silently holding up a notepad, and the phrase “OK Boomer” was born.
Since 2019, the hashtag #okboomer has been used 3.7 billion times on TikTok and has sparked debate between Boomers born 1946 to 1964 and Zoomers born in the 1990s to the 2010s, and who use the video conferencing app Zoom liberally about whether age and generation are to blame for society’s ills.
Sen. Elizabeth Warren called out billionaire Leon Cooperman in a Senate Finance hearing.
Warren had invited him to testify as he s been a vocal critic of her wealth tax proposal.
Warren also highlighted three tax proposals that she said could pay for the infrastructure packages.
In her first hearing as chair of the Senate Finance subcommittee on Fiscal Responsibility and Economic Growth., Sen. Elizabeth Warren dove into the need for greater taxes on the wealthy and corporations and took aim at one of her biggest critics. I invited one of the loudest critics – Billionaire Leon Cooperman – here today to discuss these proposals with the members of this committee and the American public. After all, that is how democracy is supposed to work – citizens and stakeholders discuss ideas, and then our elected representatives vote, Warren said in her opening testimony.
Monica Schipper/Getty Images for The New York Women s Foundation
Abigail Disney will testify at Sen. Elizabeth Warren s hearing next week on the US tax system.
This comes after billionaire Leon Cooperman rejected Warren s invite, calling it disingenuous.
Disney has advocated for a wealth tax and was among a group of 19 ultrawealthy Americans calling for its support.
After billionaire Leon Cooperman rejected Sen. Elizabeth Warren s invitation to testify on her proposed wealth tax, philanthropist Abigail Disney accepted the opportunity to speak about the tax system.
Warren is holding a hearing next week, called Creating Opportunity Through a Fairer Tax System, where she will discuss her wealth tax proposal, which would enact additional taxes on households with net worths of $50 million and above. Warren invited Cooperman one of her most vocal critics to testify, but he rejected the invitation, calling it self-serving and disingenuous.