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Most Popular on DallasNews. As policy-makers search for new revenues, those at the top of the income distribution are natural targets for tax increases, since their incomes have grown the most rapidly in recent decades. In recent decades, gains in national income have failed to reach many Americans due to increasing income inequality; countering such trends requires increasing the progressivity of our tax system.
Proposals that seek to reduce tax avoidance and harmonize the tax treatment of different types of income are likely to raise more revenue at lower rates than more narrow proposals. Many new proposals provide a useful starting point, but they all need careful consideration in order to be ready for implementation.
The tax system can also usefully help those at the bottom of the income distribution who have experienced stagnant wage growth in recent decades. Proposals to expand the earned income tax credit do just that, by subsidizing the wages of low-income workers.
Ironically, this has happened while the gap between the wealthy and everyone else has grown wider than ever. Conservatives claim the wealthy are overtaxed. This shows that the tax system is not progressive when it comes to the wealthy.
That is a little more than the In fact, the tax primarily is paid by estates of multi-millionaires and billionaires. The vast majority of deaths — Download this document in PDF format.
Fact Sheet: Taxing Wealthy Americans. Today, the top rate is The average federal income tax rate of the richest Americans was just 20 percent in CEOs of major corporations earn nearly times more than an average worker. The largest contributor to increasing income inequality has been changes in income from capital gains and dividends.
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