And isn't that contribution enough?īROWN: They don't all generate jobs. MARTIN: But the broader philosophical issue - I think their argument is that their businesses and enterprises create jobs and generate wealth.
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MARTIN: I think what underlies this kind of visceral reaction to it is, well, number one, as you pointed out, that the extremely wealthy have disproportionately had a lot to say about the way the tax code operates from the very beginning.
I mean, one of the proposals President Biden originally had was for those making more than a million dollars to pay income on their stock the same way as income on their wages. So here we are, you know, decades later, almost a hundred years later still dealing with this. It's an unfair advantage, but it's a provision that dates back to the 1920s and ultimately came into the tax law because a wealthy white man wanted to pay less in his taxes. Why is that?īROWN: Well, it's because there's a bias in our tax laws that advantages income from capital, income from stock and disadvantages income from labor. MARTIN: Why is it that the money you earn while you're awake is taxed so much more heavily than the money you earn passively. Make their money, like the way you and I do, just by working? And why is that? Is it the sort of working wealthy. MARTIN: As many have pointed out, under the new tax rules in this bill, millionaires, the so-called working wealthy, will in most cases pay more in taxes than billionaires and those with dynastic wealth. So they pledged their wealthy holdings in stock to get a loan that finances their daily expenditures, and they pay no taxes. And under our tax law, when you get a loan, you have an obligation to repay, and the tax law doesn't see that as income.
They finance their lifestyle through loans that are secured by their stock investments. First of all, why do such super wealthy people pay the lowest tax rates? Why is that?īROWN: Because they are in charge of how much income they actually receive technically under our tax laws. You say that our tax system is built on the ability to pay and the richest among us pay some of the lowest tax rates. So first of all, you say it's not stupid at all. The billionaire investor, Leon Cooperman, said in an interview with The Daily Beast, I doubt it's legal, and it's stupid. I mean, as we said, some of the world's wealthiest people, like Elon Musk, worth some $300 billion, tweeted that Democrats should forget it. So it was troubling that it was left out of the bill but ultimately predictable because as I write in my book, "The Whiteness of Wealth," wealthy white taxpayers have always been able to work behind the scenes to get tax laws that benefit themselves. And suddenly, the idea that they might have to pay taxes just sent them over the edge. I mean, so many of them are paying no taxes. So I wasn't surprised that billionaires pushed back. They would rather pay it to their tax lawyers to figure out ways to not pay income taxes. Billionaires with the greatest ability to pay don't want to pay anything to the federal government. Is there something from the back-and-forth this week that stood out to you?īROWN: Well, what stood out is more of the same. MARTIN: I just wanted to get your reaction to this, all the - sort of the back-and-forth and the drama around the so-called billionaire's tax and the fact that it was left out of the president's spending framework. Thank you for talking to us.ĭOROTHY BROWN: It's my pleasure to be here. Emory University law professor Dorothy Brown is with us now to tell us more. But our next guest, who has written extensively about the tax code, says it is none of those things. And it also came after some of the world's wealthiest people turned thumbs down, calling it stupid and possibly illegal.
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It was stripped out along with popular and controversial provisions, like free community college and paid family leave. You probably also heard that that was one of the ideas that did not make it into the compromise announced on Thursday. You probably heard about that proposal by Senate Democrats to tax certain assets of billionaires to help pay for President Biden's spending plan.
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