This Monday is Labor Day in the United States — a holiday linked to workers’ rights and wearing white. That may sound strange, but it is true. Many Americans put away their white clothes on Labor Day and do not wear them again until the following May, after Memorial Day. One reason for the clothing […]
A proposal under consideration by some members of the G20 group of advanced economies that would place a worldwide tax on the assets of the ultrawealthy does not have the support of the Biden administration, U.S. Treasury Secretary Janet Yellen said Monday. Yellen told The Wall Street Journal that the United States is in favor of […]
“If you want better roads, better schools, better healthcare, better public transit… or just a generally better life, then the best way of funding that is by taxing the ultrawealthy, not allowing them to exploit more tax loopholes.” While ultrawealthy Americans are unlikely to face any extra federal taxes any time soon due to the makeup of […]
“While most Americans predominantly live off the income they earn from a job—income that is taxed all year, every year—the very richest households live lavishly off capital gains that may never be taxed.” An analysis released Wednesday shows that in 2022, the wealthiest people in the United States collectively held a “staggering” $8.5 trillion in wealth that […]