Tax Day: You Pay Your Taxes -- Why Don't the Rich Pay Their Share?
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One reform would be to institute graduated tax rates on large estates, while exempting estates worth less than $2 million, $4 million for a couple. Such an approach would generate over $100 billion a year a decade from now -- while taxing no more than 1 of every 200 estates.
All these steps, we believe, would enjoy widespread public support.
Our grandparents seriously taxed the rich. Why can't we?
Chuck Collins is a senior scholar at the Institute for Policy Studies and chairman of the Working Group on Extreme Inequality , an emerging coalition of religious, business, labor and civic groups concerned about the wealth gap. He is co-author, with Bill Gates Sr., of Wealth and Our Commonwealth: Why America Should Tax Accumulated Fortunes .
Sam Pizzigati is the editor of the online weekly Too Much and an associate fellow at the Institute for Policy Studies.