The legislation – introduced by Warren, in collaboration with Representatives Pramila Jayapal and Brendan Boyle – is co-sponsored by the Senses. Kirsten Gillibrand, Mazie Hirono, Ed Markey, Jeff Merkley, Alex Padilla, Bernie Sanders, Brian Schatz and Sheldon Whitehouse, in addition to 29 House Members.
The tax, Warren argues, would apply to America’s richest 100,000 households and generate at least $ 3 trillion in revenue over the next decade.
Critics of the wealth tax say it would be impractical because of the difficulty in valuing certain types of assets. The IRA and tax expert Ed Slott likened the measure to “an inheritance tax every year,” and longtime financial reporter Jane Bryant Quinn called the idea “crazy.”
The IRS Restoration Act, S. 1788, would permanently fund the IRS with $ 31.5 billion in annual appropriations and “give the agency the tools it needs to keep wealthy taxpayers from losing money. hide their income from the government, ”the report said.
The actual corporate profits tax, S. 2680, would create a 7% tax on corporate profits over $ 100 million. “It would close loopholes and force companies to pay taxes on the same profits they report to investors, preventing companies from reporting massive profits to increase their valuations and drawing a bait and a change at tax time,” says The report.
“This is an issue that President Biden understands and has prioritized; in fact, he campaigned on an income tax on books and included one in his US jobs plan, ”the report says.
The actual corporate income tax law of 2021 would apply to businesses “that report more than $ 100 million in accounting income (approximately 1,300 public enterprises) and generate nearly $ 700 billion in income over the course of of the next decade, according to the report.