PORTLAND, OR -- U.S. Senator Ron Wyden (D-OR) is renewing a push to increase taxes on the richest Americans.
On Tax Day, Monday, the Oregon Democrat joined the advocacy group Americans for Tax Fairness to promote his proposed "Billionaires Income Tax." Wyden says, "The tax code is unfairly tilted to benefit billionaires. And, as Chairman of the Senate Finance Committee, I'm pushing throughout the year to balance the tax system so it's fair to everybody."
According to Americans for Tax Fairnessm 740 billionaires got 70% richer during the two-year pandemic and much of that isn't taxed due to loopholes in the current system. Wyden says his plan would tax the wealth earned from investments, like stocks and loans, not just salary - a loophole he calls "Buy, Borrow and Die." The Senator says, "If they just paid a Capital Gains rate - because this is about evading Capital Gains Taxes - the country would raise more than $550 billion over the next 10 years, according to the Joint Committee on Taxation. That'll do a lot to help schools and infrastructure."
Wyden went on to say he wants people to ve successful but wants to stop the current practice allowing the richest Americans to make even more money without paying what he calls "their fair share."