Blockbuster Investigation on Tax Avoidance Shows Clear Need for Bold Federal Tax Changes
By Erica Freeman Last month’s ProPublica revelations identified what many experts, some lawmakers, and a majority of Americans already knew about the U.S. tax code: Policymakers over the past several decades have created a system that allows some of the nation’s wealthiest individuals to pay little or no federal income tax each year. Ongoing negotiations over the next round of recovery legislation give Congress an opportunity to reverse course by closing loopholes and rolling back tax cuts for those at the top, thereby raising the revenue needed to strengthen the nation’s infrastructure and respond to economic and racial inequalities, according to a new report from the Center on Budget & Policy Priorities. Improving and expanding the taxation of wealth will bring more balance to the country’s tax code and raise the revenue we need to invest in a recovery that helps Pennsylvania and other states build a better future and an economy that works for everyone, not just the wealthy. Pennsylvania families contribute to… Continue reading