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“To the surprise of nobody that I know, the rich and the powerful avoid paying their fair share of taxes,” said Sanders, the chairman of the Senate Budget Committee. Warren and Sanders both proposed wealth taxes during their 2020 presidential campaigns, but Biden did not. Treasury Secretary Janet Yellen Biden has proposed paying for his $1.8 trillion American Families Plan, focused on areas such as child care and education, through tax increases on high-income households that include raising the top individual tax rate from 37 percent to 39.6 percent and taxing capital gains at the same rates as ordinary income for high earners. He has also proposed paying for his $2.3 trillion American Jobs Plan, focused on transportation and addressing climate change, through higher taxes on corporations. ....
My Turn: Elephants in the room: Tax day 2021 CONTRIBUTED IMAGE/NATIONAL PRIORTIES PROJECT HYNES Published: 5/3/2021 10:36:04 AM On Tax Day, there’s more than one elephant in the room, and they’re all in mansions. Elephants occupy the bulging mansions of 657 American billionaires, 43 of them new this past pandemic year. Their combined wealth soared to $4.2 trillion up $1.3 trillion between March 21, 2020 and Feb. 6, 2021. During this same period, more than 78 million working people lost their jobs. Someone has spotted these elephants in their mansions: Sen. Elizabeth Warren and colleagues in the House have proposed the Ultra-Millionaire Tax Act. Millionaires would pay 2 cents on every dollar of wealth above $50 million; and billionaires, 3 cents on every dollar of wealth above a $1 billion. Would they even feel it? Couldn’t these megarich afford more like a nickel and 10 cents tax on a dollar respectively, given that most of the 2017 Trump-Repu ....