...
“That has to start with fixing the broken Tax Code and requiring millionaires and billionaires to pay their fair share,” said Wyden. “Since last September, I've been working on my proposal to reform the taxation of capital gains for the top 0.3 percent of taxpayers by equalizing the tax rates for wage and capital income, and minimizing the benefits of deferring taxes. If you are a nurse in America taking care of COVID patients, you don't get to defer paying your taxes. If you're a billionaire, you can defer, defer and defer some more and then pretty much never pay any taxes at all. I intend to put a stop to that by ending the ability of the wealthy to pay what they want when they want, to preserve the Social Security system for decades to come and earn additional revenue for other priorities.”
He argued that if the country’s 600 billionaires paid taxes on the nearly $1 trillion they made last year, it would cover $1,000 checks for every family that gets relief payments.
Wyden also hopes to reform the tax laws related to the energy sector to deal with climate change and achieve a carbon-free power sector by 2035. He pointed to a bill he has introduced called the Clean Energy for America Act that would consolidate the 44 current separate energy provisions into three emissions-based incentives that would encourage clean electricity, clean transportation and clean energy. “I'm also working to reform energy taxes so that polluters are discouraged from harming our environment,” Wyden added. “If you look at the history of environmental regulation, too often it has been regressive, and it is critically important to make sure that working families come out better in a greener economy.”
On the corporate tax front, Wyden wants to roll back the corporate tax breaks in the Tax Cuts and Jobs Act of 2017. “The principles on corporate taxes should be that big corporations pay their fair share, with disincentives to ship jobs overseas, and reward companies that invest in America and its workers,” said Wyden. “I also want to address the many problems with the structure for taxing multinational corporations created in the Republicans’ 2017 bill. I've been working on a framework for corporate taxes. We will be showing that fairly shortly.”
...
Wyden also wants to steer more money to the Internal Revenue Service to crack down on tax evasion: “That will require rebuilding the IRS,” he said. “A decade of Republican budget cuts and political attacks on the IRS have crippled the agency’s enforcement ability, allowing wealthy tax cheats to steal from the public. Ensuring that the IRS is funding staff to implement these policies is right at the top of our priority list. We’ve got to crack down on those who refuse to pay. That's critically important.”
...
More:
https://www.accountingtoday.com/news...tax-priorities
Connect With Us