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How much tax do American billionaires pay when their wealth grows to nearly $5 trillion?

Radio RT (Russia) cites a report from Oxfam America published earlier this week, 735 American billionaire (living in the US) has seen a 62% increase in wealth over the past two pandemic years. The net worth of this group reaches a shocking $4.7 trillion.

This report points to the opposite. While the wealth of billionaires shows no signs of slowing down, the income of the average worker has only increased by 10%. This meager growth was also heavily influenced by a range of other spending such as the cost of housing, gas, food and other commodities. They have raced, without end; lead to inflationary skyrocketed. Many people have struggled to rebuild their personal economy after the Covid-19 pandemic showed signs of being under control.

Meanwhile, another recent ProPublica study found: While middle-income families in the US are paying a federal income tax of 14%, the 25 richest people pay a real tax rate of 14%. 3.4% from 2014 to 2018.

Accordingly, there are many different reasons for the rich to pay less taxes. One of them is because they themselves do not fully report their income. This is something that even the US Internal Revenue Service (IRS) was forced to admit last year.

“We estimate that 36% of unpaid federal income tax goes to 1% of those with income tax,” the researchers said. highest income. And collecting all unpaid federal income tax from this group would increase federal income by about $175 billion per year.”

Instead of tracking that finding, the IRS continued to review unpaid income taxes from low-income families — those earning $25,000 or less — at a rate five times higher than any other. other taxpayers, according to an analysis done last month by Transactional Records Access Clearinghouse.

By Oxfam’s calculations, Senator Ron Wyden has called for a tax on the unrealized capital gains of billionaires. This tax system will bring in $56 billion in annual revenue, enough to pay for vacation, family medical leave and childcare at a reasonable cost.

Congressman Alex Lee proposed hitting property tax 1.5% for households worth more than $1 billion. Previous attempts to pass legislation like this in California, home to some of America’s richest lawmakers, have failed.

At the same time, Oxfam found that the global minimum tax rate for multinational corporations would increase by $63 billion. Proceeds can be used to fund important public health programs.

Although even the Biden administration supports that idea, it needs approval from all the countries in which the multinationals operate. However, consensus is still open and even difficult to achieve because of the controversy surrounding it.

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