'It's taxes or pitchforks,' declared PatrioticMills.
But as Bob Lord, an associate fellow at the Institute for Policy Studies, observed in a recent"Did he pay more tax than any American in history, as he claims? Probably," Lord wrote."But he also received compensation of more than $20 billion, which almost certainly dwarfs the compensation any other CEO in American history has ever been paid, from a company with profits not remotely commensurate with that level of compensation.
The updated billionaire wealth figures come as Democrats in Congress are struggling to chart a path forward for their flagship social spending and climate legislation, which has been held up by corporate-backed Sen. Joe Manchin . The House-passed version of the Build Back Better Act includes a surtax on millionaires and other measures to help fund the bill's investments and reduce out-of-control inequality. According to thethe Biden White House that he would be willing to support"some version" of a tax targeting billionaires, an idea that the West Virginia Democrat criticized in October.
"While the specifics of what Manchin would support remain unclear, Senate Finance Committee Chairman Ron Wyden has unveiled a tax aimed at the accrued wealth of America’s approximately 700 billionaires," thenoted."The measure is aimed at addressing the massive gains of the wealthiest Americans with a federal tax and probably would be unprecedented in how few people it affected...
"For the well-being of rich and poor alike, it's time to confront inequality and choose to tax the rich," the group wrote."If you don't, then all the talk at Davos won't change what’s coming—it's taxes or pitchforks."
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