'If you paid $5 in taxes in 2011, you paid more that year than Jeff Bezos, one of the wealthiest people in the world,' Chuck Collins writes, adding: 'It's time to modernize the federal tax code.' | CNNBusiness Perspectives
Chuck Collins is the director of the Program on Inequality at the Institute for Policy Studies, where he co-edits Inequality.org. He is the author of the new book, The Wealth Hoarders: How Billionaires Pay Millions to Hide Trillions. The opinions expressed in this commentary are his own.
.leftside-floating-image { width:100%; display:block; margin:0 auto 1.5rem; } @media screen and { .leftside-floating-image { float:left; width:50%; max-width: 200px; display:block; margin:0 1.5rem 1rem 0; } } If you paid $5 in taxes in 2011, you paid more that year than Jeff Bezos, one of the wealthiest people in the world.
That's just one of the many revelations from ProPublica's release of secret IRS files. The fact that the US tax system is rigged in favor of the wealthy isn't a surprise to anyone paying attention. But the report does highlight the urgent need to modernize the federal tax code — not only to raise revenue and ensure the wealthy pay their fair share, but also to slow these democracy-distorting levels of concentrated wealth and power.
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