In Reaction to Stunning Report on Wealthiest Americans, Harder Call for Action on Tax Fairness
WASHINGTON — In reaction to a stunning new ProPublica report on the average tax rate paid by the wealthiest 25 Americans in recent years, Rep. Josh Harder called on the Internal Revenue Service (IRS) to do everything in its power to ensure the wealthiest individuals and corporations are paying their fair share. According to the report, the wealthiest 25 Americans paid a true tax rate of just 3.4% from 2014 to 2018. If these 25 individuals paid even 22% in federal taxes on their newly acquired wealth, the federal government would have collected more than $88 billion in additional revenue over the past 5 years. This sum is enough to potentially end homelessness in California.
“California is facing a homelessness crisis. Jeff Bezos is not facing a third yacht crisis,” said Rep. Harder. “The fact that the richest 25 Americans are paying a smaller percentage in federal taxes than the average family in the Central Valley is just ridiculous. We could end homelessness in our state by enforcing the rules on just these 25 folks, imagine what we could do if we had a system that actually worked for all of us. It’s time the IRS closes the loopholes these billionaires are using and makes sure that everyone, no matter how many billions they make or how many companies they own, is paying their fair share.”
Read ProPublica’s full report here.
Read a summary from the New York Times here.