Elizabeth Warren

Then that is the best argument I have heard all day for a wealth tax.

I am extremely confident that the proposed ultra-millionaire tax, as implemented by Treasury, would do much, much better than our existing income tax at measuring and valuing and enforcing wealth, or the true economic resources of…

Thank you, Senator Wyden.

Would a tax on book income, like my Real Corporate Profits Tax, ensure that these giant companies can't get away with paying nothing in taxes?

So our rigged tax code allows big corporations to report enormous profits to their shareholders, and at the same moment report little or no profits to the IRS.

Wow! A billion-dollar loophole that does not require the company to do anything differently, just file some paperwork.

The unfairness runs deep.

One of the best ways to fix the income tax is by taxing extreme wealth holdings of billionaires and mega-millionaires directly.

I think we might want to go back and look at who actually led the charge to cut the IRS's budget.

I am working with my colleagues, including Chair Wyden, on a bill that strengthens IRS enforcement.

Audit rates for people reporting more than a million dollars in income have fallen by 70 percent.

As President Biden has said, we have firemen and teachers paying 22 percent, while these giant companies pay nothing. That is wrong.

Our tax code is rigged in favor of giant corporations like Disney, and everyone else, people like Ms. Straughter, are paying for it.

That is why I proposed a Real Corporate Profits Tax to force the biggest and the most profitable corporations to pay their taxes.

Profitable corporations that report low or no tax liability are engaged in aggressive tax avoidance.

The rich may have run amok. They have run amok for the last 50 years of American history.

A wealth tax raises more revenue from those most able to afford it than just about any other plan on the table.

It would raise $3 trillion in revenue that we could use to build economic opportunities for every person in America.

Our tax system is broken.

Taxing book income would not necessarily address tax avoidance.

Only a wealth tax will get us there.

Fixing the income tax system is hard, but urgently needed.

The income tax is generally progressive with respect to the ordinary rich, but not the ultra-wealthy.

A tax is not a penalty. A tax is not a theft. A tax is a responsibility.

As these numbers show, our Nation can do both--invest in American families, and pay for it without raising taxes on those same families.