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With the nation’s income and wealth highly concentrated at the top and growing more so in recent decades, policymakers should reconsider how the tax code treats the most well-off.
High-income, and especially high-wealth, households enjoy a number of generous tax benefits that can dramatically lower their tax bills.
Eliminating or limiting these preferences would make the tax code more progressive and push back against inequality. It would also raise significant revenue that could be used to fund key priorities and help address the nation’s fiscal challenges.
Much income of wealthy households doesn’t show up on their annual tax returns, and much of what does enjoys special breaks. Our new report outlines a range of proposals to tax high incomes and large fortunes more effectively.
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