President Joe Biden took office one year ago amid one of the worst economies in generations, but the U.S. economy has since made tremendous progress toward recovery, and workers are benefiting.
The Build Back Better Act’s corporate profits minimum tax would make important progress toward fixing a broken tax code and ensuring that the largest and most profitable corporations pay their fair share.
Treasury economists’ estimate that modernizing the IRS will net $400 billion in new revenue will not be reflected in official Congressional Budget Office scores of the bill, but the savings are real and could be even greater.
Congress should enact the pro-worker international tax reforms in the Build Back Better framework.
Three distinct systems could replace the stepped-up basis loophole. They differ significantly, but each would increase taxes on the rich and dramatically improve on the status quo.
Under the proposal, the IRS will receive no detail on account holders’ transactions, and ordinary taxpayers will be less likely to be audited.
A recent study finds that the Forbes 400 paid an effective tax rate of 8.2 percent over recent years—lower than many middle-class Americans.
A paper cited by critics of the Build Back Better agenda analyzes a different plan than what President Joe Biden has proposed and Congress is considering, and it ignores many positive effects of the actual plan.
The Build Back Better Act would ease a significant burden on middle-class families’ finances, lowering their child care costs by more than $100 per week in most states.
The Ways and Means Committee’s tax reforms take important steps toward tax fairness; Congress should do more.