WV Could Gain $335 Million a Year from Billionaire Income Tax
Thursday, April 21, 2022
State advocacy groups say West Virginia stands to gain from taxing billionaires.
The Biden administration's "Billionaire Minimum Income Tax" would ensure that American households worth more than $100 million pay a tax rate of at least 20% of their full income.
Executive Director of West Virginia Citizen Action Gary Zuckett said the move could add between $220 and $335 million a year in federal grants to the state's budget.
Zuckett explained that federal grant funds to pay for state programs and services - such as Medicaid and CHIP, Head Start, and food and nutrition programs.
"Corporations and the extremely wealthy should be paying their fair share of taxes," said Zuckett. "And that revenue should be used to help pay down the debt and help lower drug prices and help deal with the climate. The majority of West Virginians and the majority of taxpayers across the country would agree with that."
He added that legal loopholes often allow the nation's wealthiest to pay little or no federal income tax, while allowing them to generate untaxed income from their investments.
An expose' last year by ProPublica based on IRS data revealed that for the past several years, Elon Musk, Jeff Bezos and other top billionaires paid zero federal income tax.
Census data shows West Virginia has one of the highest poverty rates in the nation. Zuckett said the country's broken tax system has worked against residents.
"Working families in West Virginia pay taxes on every dollar they earn," said Zuckett. "And so the billionaires and the millionaires in this country should pay taxes on every dollar they earn, just like we do."
An Oxfam report published earlier this year found that wealth of the world's ten richest men has doubled since the start of the pandemic - skyrocketing to more than $13 trillion as of last November, an increase larger than that seen in the previous decade-and a-half combined.
4-05-22 State Billionaires Data Americans for Tax Fairness 4/5/22
QuickFacts West Virginia the U.S. Census 2022
Ten richest men double their fortunes in pandemic while incomes of 99 percent of humanity fall Oxfam International 1/17/22
get more stories like this via email
The youngest North Carolina voters could end up shifting the political landscape of the state in the not-too-distant future. New data from the …
Protests have heightened in New York as Israeli Prime Minister Benjamin Netanyahu joins the United Nations General Assembly today. Sonya Meyerson-…
Many across the state of Nevada will celebrate National Public Lands Day tomorrow. Nevadans will be able to visit state parks for free on Saturday…
Across Utah, 10 cities will be using ranked choice voting in the general election in November. In 2018, Utah passed a bill to establish a pilot …
While North Dakota does not have voter registration, civic engagement groups say efforts are still needed to help underserved populations get …
Health and Wellness
Open enrollment begins soon for employer-sponsored health insurance for coverage starting Jan 1. Most people will have multiple options to choose …
Health and Wellness
Health care advocates are urging Gov. Gavin Newsom to sign four bills aiming to lower medical bills, improve transparency, and make health care more …
Rural advocates are supporting the Farmland for Farmers Act in Congress. It would restrict the amount of Iowa farmland large corporations can own…