June, 08 2021, 02:29pm EDT
For Immediate Release
Contact:
Bob Keener, 617-610-6767, bobk@ips-dc.org
Olivia Alperstein, 202-704-9011, olivia@ips-dc.org
Ultra-wealthy Rig Their Own Tax System
They pay millions to avoid taxes with special rules that apply to only them.
WASHINGTON
In response to ProPublica's groundbreaking report on tax avoidance by the 25 wealthiest Americans, Chuck Collins, released this statement:
"The ultra-wealthy have their own set of rules which let them pay much, much less in taxes than people who work for a living. And let's not pretend that their system is unintentional. They have a wealth defense industry of tax lawyers, money managers and lobbyists to render taxes virtually optional for the super-wealthy.
"The ProPublica release reinforces what we already know: there is one set of tax rules for the bottom 99.5 percent, with withholding coming out of our paychecks. And another set of rigged rules for the wealthiest households. But now we see the low tax rates attached to real names.
"This should strengthen our national resolve to tax huge wealth gains, not just income, and shut down the hidden wealth system."
Chuck Collins is a senior scholar at the Institute for Policy Studies in Washington, DC, where he directs the Program on Inequality and coedits Inequality.org. He is author of the new book, "The Wealth Hoarders; How Billionaires Pay Millions to Hide Trillions."
Collins was recently interviewed by the International Consortium of Investigative Journalists, and is co-author of regular reports on billionaire wealth, co-published with Americans for Tax Fairness.
Editor's Note: Chuck is available for comment or interview.
Also available is Bob Lord, a tax lawyer and an associate fellow at the Institute for Policy Studies. He has written extensively on taxing wealth.
Institute for Policy Studies turns Ideas into Action for Peace, Justice and the Environment. We strengthen social movements with independent research, visionary thinking, and links to the grassroots, scholars and elected officials. I.F. Stone once called IPS "the think tank for the rest of us." Since 1963, we have empowered people to build healthy and democratic societies in communities, the US, and the world. Click here to learn more, or read the latest below.
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Sen. Elizabeth Warren (D-Mass.)—a co-sponsor of Sanders' Medicare for All Act—similarly toldHuffPost in a Tuesday interview, "The visceral response from people across this country who feel cheated, ripped off, and threatened by the vile practices of their insurance companies should be a warning to everyone in the healthcare system."
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Under the Robinson-Patman Act, it is generally illegal for sellers to engage in price discrimination that harms competition by charging higher prices to disfavored retailers that purchase similar goods. The FTC's case filed today seeks to ensure that businesses of all sizes compete on a level playing field with equivalent access to discounts and rebates, which means increased consumer choice and the ability to pass on lower prices to consumers shopping across independent retailers.
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