Though the BBBA is a leap forward for tax fairness, it is disappointing that it did not include other important reforms that could have doubled the revenue raised from the rich and corporations and doubled the benefits delivered to working families. These include a hike in the corporate tax rate that was slashed by 40% four years ago, smarter taxation of capital gains income from selling assets so that wealth is taxed more like work, and a Billionaires Income Tax that would ensure America’s very richest contributed more to the country that helped make their success possible. The wealth of American billionaires has grown by $2.1 trillion, or 70%, since the beginning of the pandemic. It’s unconscionable that they aren’t being directly required to pay more of their fair share of taxes in this legislation.
Going forward I want Congress to use the above methods to raise more money to fund good programs for ALL Americans. We have had enough of protecting corporations and the rich at everyone else’s expense. Thanks.