In the United States, taxation of billionaires paves the way for Democrats and the general public

“We’m probably going to get the wealth tax.” When Nancy Pelosi, Democrat leader of the US House of Representatives, released this statement on Sunday, October 24, Gabriel Jugman, a French economist at the University of California, Berkeley, did not hide his happiness. “It’s not done yet, there will be some setbacks, and even if it does, it will be modest (about 1,000 taxpayers only). But alas, what a wonderful twist!The researcher who is campaigning for the taxation of billionaires tweeted.

In fact, the idea of ​​a wealth tax is changing “Mainstream”, Mr. Jukeman believes us, but so far it has been run mainly by the progressive faction of the Democrats, especially senators Bernie Sanders (Vermont) and Elizabeth Warren (Massachusetts). Earlier this year, 81% of Democrats and 57% of Republicans voted in favor of the wealth tax.

Read more The article is reserved for our subscribers Gabriel Jukeman: “Bernie Sanders and Elizabeth Warren’s proposal to tax the super-rich”

The situation changed after the Govt-19 crisis. First, it boosted the fortunes of the Titans of Silicon Valley, thanks to the digital switch and the central bank’s extreme accommodating policy that elevated Wall Street.

Read more The article is reserved for our subscribers In the United States, lower interest rates make the rich happier

Then the site ProPublica Wealthy Americans like Jeff Bezos (Amazon), Elon Musk (Tesla) or financier George Soros sometimes revealed in June that they cannot pay federal income tax. In 2018, the twenty-five richest people traditionally held $ 1,100 billion, which is equivalent to 14.3 million of their “average” peers, but they paid sixty-five times less federal taxes that year ($ 1.9 billion, against $ 143 billion). ProPublica. “The basic logic is very strong, millionaires pay very low taxes, but ProPublica Made it very clear and undeniable, Briefly Mr. Jukman.

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Read more In the United States, an unfair tax system

The third event, the infrastructure and social spending plan to be funded by Joe Biden: Arizona Democrat Senator Kirsten is blocking tax increases on cinema businesses and millionaire families, an option preferred by Joe Biden, but not hitting the rich. Decided to switch to the taxation of the small club of 700 rich American billionaires.

Read more The article is reserved for our subscribers After business, Joe Biden wants to raise taxes for the super rich in America

$ 500 billion in five years

In April, Gabriel Jukeman, along with economist Emmanuel Chaos, introduced the idea of ​​taxing the unrealized capital gains of these millionaires. The idea is in a plan put forward this week by Democrat Ron Wyden (Oregon), chairman of the Senate Finance Committee. It plans to tax those earning more than $ 1 billion or more than $ 100 million a year at a federal rate of 23.8% (with fees paid over five years).

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