taxing

Beverly Moran, Vanderbilt University The speed with which a tax on billionaires came and went as a means to pay for President Joe Biden’s economic agenda shows why it’s so hard to tax wealth in the U.S. Democrats unveiled their proposal on Oct. 27, 2021, and it was nixed that same day, replaced with a surcharge on millionaire incomes. The idea of taxing the richest Americans’ fortunes has been batted around for some time, and perhaps with good reason from a tax perspective. The total wealth of U.S. billionaires soared by US$1.8 trillion during the COVID-19 pandemic as of mid-August. And recent reporting has found that despite their massive riches, billionaires tend to pay very little in taxes. As an expert on tax policy, I have observed that there’s a big obstacle standing in the way o...

Not all the rich are created equal, and it will take different policy approaches to redistribute some of their wealth. When we talk about the wealthy, who are we really referring to? Is it the billionaires on private jets? The neighbors up the street who seem to always have the flashiest new cars and exotic vacation photos? This election season, a number of candidates have floated proposals to tax the wealthy to address extreme inequality and finance new spending programs. Often left unsaid is which segment of the wealthy they’re referring to and why taxing the very rich is necessary for everyone to prosper, both to raise revenue and put a brake on the undemocratic concentration of wealth and power. The truth is we need these taxes on the rich, now more than ever. To get t...

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Biden Tried Taxing US Billionaires’ Wealth – Why It Will Never Work

Taxing the Rich Starts With Knowing Who They Are