Democrats Lambast GOP Plan to Abolish Income Tax and Impose 30 Percent Sales Tax

Democratic and progressive lawmakers are criticizing the GOP for an extremist tax plan that Republicans are planning to soon put to a vote in the House that would completely overhaul the tax system to blatantly favor the rich. In what seems to be a concession to the most far right members of the Republican caucus, House Speaker Kevin McCarthy (R-California) has teed up a vote on the so-called Fair… Source Source / Read More: Democrats Lambast GOP Plan to Abolish Income Tax and Impose 30 Percent Sales Tax

For Every $1 Gained by a Bottom 90 Percenter Since 2020, a Billionaire Got $1.7M

While the vast majority of people were struggling to stay alive and weather economic instability during the first two years of the pandemic, the world’s richest 1 percent were thriving as the proportion of new global wealth they were capturing soared to new heights, a report reveals. Over the past decade, the global top 1 percent has taken about half of all new wealth — an already extremely high… Source Source / Read More: For Every $1 Gained by a Bottom 90 Percenter Since 2020, a Billionaire Got $1.7M

Trump Organization Hit With Maximum Fine of $1.6 Million for Tax Evasion Scheme

Former President Donald Trump’s company was handed a $1.6 million fine by a judge on Friday as a result of the 17 convicted felonies committed by the Trump Organization as part of its 15-year tax fraud scheme — the maximum penalty that can be handed down for such a crime in New York, but one that amounts to pocket change for the multibillion dollar company. A New York State Supreme Court judge… Source Source / Read More: Trump Organization Hit With Maximum Fine of $1.6 Million for Tax Evasion Scheme

Tax Returns Show Trump Committed “Brazen” Tax Fraud, Says David Cay Johnston

Six years of Donald Trump’s tax returns were released by a House committee on Friday after a years-long legal battle by the former president to keep them sealed. Early revelations include the finding that Trump paid just $750 in federal income tax during his first year in office in 2017, and he paid no tax in 2020. The newly released tax records give a long-overdue glimpse of Trump’s personal and… Source Source / Read More: Tax Returns Show Trump Committed “Brazen” Tax Fraud, Says David Cay Johnston

When It Comes to Greed and Tax Dodging, Sanders Points Out “Trump is Not Alone”

Senator Bernie Sanders is not asking anyone to be shocked that Donald J. Trump was very good at not paying taxes, but he also wants people to know that the disgraced former Republican president is far from the only rich person or powerful corporation who gets away with paying little or nothing each year federal income tax. In a tweet on Friday evening, Sanders said: “When it comes to tax avoidance… Source Source / Read More: When It Comes to Greed and Tax Dodging, Sanders Points Out “Trump is Not Alone”

States Take Tax Revenue Vital for Funding Tribal Services

This article was originally published by the Center for Public Integrity, a nonprofit investigative news organization based in Washington, D.C. This story is published in partnership between the Center for Public Integrity and ICT (formerly Indian Country Today). Osage Nation — On a crisp November morning, Teresa Bates Rutherford gazed at the construction site of her future home — her mind on her… Source Source / Read More: States Take Tax Revenue Vital for Funding Tribal Services

Musk Pledged $6B to Solve World Hunger But Gave It to His Own Foundation Instead

Recently uncovered financial documents reveal that last year, as Elon Musk was taunting the United Nations over his choice to withhold $6 billion that he said he would donate to solve world hunger, the right-wing billionaire gave the money to a different source: his own foundation. Late last year, Musk donated roughly $5.7 billion worth of Tesla shares, as many wealthy people do through donor… Source Source / Read More: Musk Pledged $6B to Solve World Hunger But Gave It to His Own Foundation Instead

Sanders: GOP Wants to Repeal Estate Tax, Give Elon Musk’s Family $83B Tax Break

Sen. Bernie Sanders (I-Vermont) denounced the Republican Party’s economic plans on Thursday, calling Republicans out for pursuing moves like repealing the estate tax, which would only serve to further consolidate wealth within the richest groups of U.S. society. At a rally for Democratic gubernatorial candidate Tina Kotek and congressional candidate Val Hoyle in Oregon, Sanders sharply criticized Republicans for wanting to repeal the estate tax — the tax on property passed onto a person’s heirs when they die. Because there is a relatively high exemption amount for the estate tax of about $13 million for individuals and $26 million for…

A Wealth Tax on the 0.25 Percent Could Fund Biden’s Entire Student Debt Plan

If a modest 2 percent wealth tax on a fraction of the richest households in the U.S. was in place this year, it would have raised enough funds to pay for the next three decades of President Joe Biden’s student debt cancellation plan, new data shows. A report released by the Institute on Taxation and Policy (ITEP) on Thursday finds that a nationwide 2 percent wealth tax on households worth over $30 million, or the top 0.25 percent of households, would have raised nearly $415 billion this year alone. This could pay for a wide swath of important federal programs,…

Leak Reveals Billionaire Donor Advising GOP to Spread Lies on Dem Tax Policies

Leaked audio obtained this week by Politico revealed that billionaire casino magnate and GOP megadonor Steve Wynn recently offered Republicans a bit of messaging advice as they attempt to win back control of the Senate: Amplify the lies about Democratic tax policies. During a Wednesday conference call hosted by the Republican National Committee, which is seeking to wrangle big-money donors amid internal concerns that the party’s Senate chances are dimming, Wynn recommended “hard-hitting” ads with scripts warning ominously: “They’re coming after you if you’re a waiter, if you’re a bartender, if you’re anybody with a cash business… they’re coming after…

Trump Invokes Fifth Amendment in Deposition for New York Civil Investigation

At a Wednesday deposition for a New York state civil investigation into the Trump Organization’s assets, former President Donald Trump said he would refuse to answer any questions from state Attorney General Letitia James. The investigation into Trump’s business is examining whether he, his family and/or his company inappropriately adjusted the values of his assets in order to suit their needs — including inflating their worth in order to obtain positive bank loan outcomes and deflating their worth in order to avoid taxes. The inquiry is a civil one, which means Trump and his family members won’t face any criminal…

Schumer: Inflation Reduction Act Has Votes to Pass After Concessions to Sinema

Conservative Democrat Sen. Kyrsten Sinema (Arizona) announced on Thursday that she will support the Inflation Reduction Act (IRA) after Democratic leaders agreed to take out proposals to raise taxes on businesses and the wealthy in order to fund the bill. Sinema said in a statement that, after the Senate parliamentarian reviews the budget package, she will “move forward” with the bill. With Sinema’s support, Senate Majority Leader Chuck Schumer (D-New York) says that the Senate now has all 50 Democrats on board to pass the bill via a simple majority vote, with Vice President Kamala Harris’s vote being the 51st.…