A blockbuster ProPublica report on the taxes paid by the richest Americans is reigniting a push from progressives for a wealth tax.
The report, based on tax-return data ProPublica received from an anonymous source, details how prominent billionaires like Jeff Bezos and Elon Musk have paid little to no taxes in some recent years, particularly when compared to their wealth gains.
The article comes as President Biden has proposed raising taxes on the wealthy and corporations to pay for his major spending proposals. Democrats have increasingly made raising taxes on the rich a top priority in recent years, and some progressives have called for going even further than Biden’s proposals by establishing a wealth tax that would impose taxes on net worth rather than income. Continue reading.