Friday, May 20, 2022

Play

The election fraud movement resurfaces on the campaign trail, Vice President Harris and abortion providers discuss an action plan, and as New Mexico's wildfires rage, nearby states face high fire danger.

Play

Pennsylvania's Republican U.S. Senate Primary still too close to call, a $40 billion Ukraine aid bill is headed to President Biden's desk, and Oklahoma passes the strictest abortion bill in the country.

Play

From off-Broadway to West Virginia: the stories of the deadly Upper Big Branch mine explosion, baby formula is on its way back to grocery shelves, and federal funds will combat consolidation in meatpacking.

WV Could Gain $335 Million a Year from Billionaire Income Tax

Play

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.




Disclosure: West Virginia Citizen Action Education Fund contributes to our fund for reporting on Budget Policy & Priorities, Environment, Health Issues, Social Justice. If you would like to help support news in the public interest, click here.


get more stories like this via email
The Nature Coast Aquatic Preserve along with the Big Bend Seagrasses, St. Martins Marsh Aquatic Preserves and the Pinellas County Aquatic Preserve together protect the largest contiguous seagrass meadow in the Gulf of Mexico and the largest spring-fed seagrass habitat in the world. (Charlie Shoemaker for The Pew Charitable Trusts)

Environment

This afternoon, members of the public will get to have a say on the management plan for the first new aquatic preserve created in Florida in 32 years…


Environment

After two decades of drought and with no relief in sight, many Utahns are looking for ways to conserve water, and for many residents, part of the …

Social Issues

May is Wildfire Awareness Month, and state officials are encouraging Coloradans to get up to speed on prevention and emergency-exit strategies if …


In North Dakota, student-loan borrowers owe an average of $29,246 in federal, private debt. (Adobe Stock)

Social Issues

The White House is fielding pitches from top Democratic lawmakers about their desire to dramatically expand student loan forgiveness. While a …

Health and Wellness

As the school year winds down, education leaders are shedding light on increased mental-health demands among students, including thoughts of suicide…

Researchers say most often, the worst consequence an employer will face for wage theft is to pay back a portion of stolen wages. (Adobe Stock)

Social Issues

A new report found dishonest employers steal from some 213,000 people in Ohio each year by paying them less than the minimum wage; and it is just one …

Social Issues

Illinois has a new law banning the sale and possession of "ghost guns," essentially untraceable firearms that are sold in kit-form online or at gun sh…

Social Issues

With firearm deaths in Connecticut and across the country on the rise, a new initiative in Hartford aims to interrupt gun violence through a …

 

Phone: 303.448.9105 Toll Free: 888.891.9416 Fax: 208.247.1830 Your trusted member- and audience-supported news source since 1996 Copyright 2021