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Billionaires and corperations not paying taxes

Billionaires and corperations not paying taxes

Why do Billionaires/Corperations sometimes not pay taxes?

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Billionaires & Corperations not paying taxes

By Durodoluwa Aina

History

  • In the 50's & 60's, the wealthiest Americans paid a top income tax rate of 91%, Today, due to numerous loopholes the top rate is 43.4%.
  • Buckley v. Valeo made way for politicians creating tax loopholes for the rich in order to get campiagn donations.
  • The policy of "trickle-down" economics has led to the rich storing wealth in offshore banks rather that investing in the economy.

Currrent Societal Impact

  • CEOs earn 300 more than the average worker.
  • Unfair taxes & budget cuts to services and benefits contibute to 30% of income inequality.
  • In 2009, 1,470 households reported an income of more than $1 million but paid 0 federal income taxes on it.

Currrent Societal Impact Cont.

  • Poor IRS funding has left the orgarnization incapable of holding biillionares and corperations accountable
  • In 2018, America's 400 familes paid less taxes than the middle and working class
  • In 2017, the Tax Cuts and Jobs Act lowered the top income tax bracket and slashed the corporate tax rate.

Civic enagaement

Strategies

  • Advocating for bettter funding of the IRS.
  • Voting for policies that prevent the rich form having more influence on politications than the average American.

More civic enagaement Strategies

  • Raise awareness of how tax injustice undermines American democracy.
  • Hold politicains accountable for how thier policies effect average Americans and blocking the tax loop holes the rich use to escape taxes

Cultural Wealths to Use

  • Resistanace Capital: Using social media to spread awarness.
  • Navigational Capital: Going through institutuions such as school, church and non-profts to gather support to the cause.
  • Social Capital: Connecting with those in power to make change.
  • Linguistics Capital: Writing effectively convincing peices to win more people to the cause.

Works Cited

A. (2019). Fact Sheet: Taxing Wealthy Americans. Retrieved November 29, 2020, from https://americansfortaxfairness.org/tax-fairness-briefing-booklet/fact-sheet-taxing-wealthy-americans/

Ingraham, C. (2019, October 09). For the first time in history, U.S. billionaires paid a lower tax rate than the working class last year. Retrieved November 29, 2020, from https://www.washingtonpost.com/business/2019/10/08/first-time-history-us-billionaires-paid-lower-tax-rate-than-working-class-last-year/

Sumner, R. (2020, October 01). It's about time billionaires paid their fair share. Retrieved November 29, 2020, from https://www.dailycardinal.com/article/2020/10/its-about-time-billionaires-paid-their-fair-share-to-society


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publish time: 2020-11-29
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