'This minimum tax would make sure that the wealthiest Americans no longer pay a tax rate lower than teachers and firefighters.'
"This is big," said one economist on the reported tax plan that another called a"landmark proposal" to force the nation's wealthiest individuals to pay their fair share.
The White House Office of Management and Budget and Council of Economic Advisers estimated this fall that 400 billionaire families paid an average federal tax rate of just over 8 percent of their income between 2010 and 2018. That rate is lower than the rate paid by millions of Americans. Gabriel Zucman, associated professor of economics at U.C. Berkeley and an expert on inequality and taxation, said the Biden plan could have real teeth.late Saturday in response to the reporting on the plan."With this tax, the top 10 billionaires alone would pay at least $215 billion in the next 10 years."
The nonpartisan Institute on Taxation and Economic Policy, which has documented the various ways by which current tax code favors the rich over working people, said the proposal—which comes at a time in which""—would be a great improvement over the status quo.
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