For the past year, ProPublica’s reporting for “The Secret IRS Files” has shined a light on the growing wealth gap, inequities in the tax system and billionaires’ playbook for dodging taxes. Using a vast trove of never-before-seen IRS data, we explained how Elon Musk was able to pay zero dollars in federal income tax in a recent year, how Peter Thiel amassed $5 billion in a Roth IRA and why billionaires can pay far lower tax rates than average Americans.
A new tax proposal released by President Joe Biden takes direct aim at billionaires. The administration’s plan would introduce a 20% tax on increases in wealth for households worth more than $100 million. Biden’s budget proposal signals a paradigm shift since it would change what gets counted as income.
At this event, discussed how the federal tax system is broken (and who broke it), explained why the federal tax code is key to reducing wealth inequality and various reform ideas like Biden’s recent billionaire tax proposal.
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