Wealth inequality in the United States has swelled to historic levels. One reason is the broken tax code, which preferences income from wealth over income from work in several ways. Ultrawealthy taxpayers whose income derives from capital gains pay special low tax rates. To a large extent, they can decide when—and sometimes never—to pay taxes on their gains. Meanwhile, working Americans are taxed at ordinary rates with taxes coming out of every paycheck.
It’s clear that the U.S. tax code needs to be reformed. The 2017 tax law went in the wrong direction, increasing deficits and giving its biggest tax cuts to multinational corporations and people with the highest incomes. However, there is increasing interest in bold reforms to make the tax code fairer for all Americans and enable critical investments. Please join the Center for American Progress Action Fund for this timely discussion with Sen. Ron Wyden (D-OR), the ranking member of the Senate Finance Committee, who will outline a new proposal for taxing income from wealth such as income from work by equalizing rates and minimizing the benefit of deferring taxes through an anti-deferral accounting system. Sen. Wyden will be followed by a panel of experts to discuss the proposal within the context of extreme income and wealth inequality.
Introductory remarks:
Neera Tanden, President and CEO, Center for American Progress Action Fund
Featured speaker:
Sen. Ron Wyden (D-OR), Ranking Member, Senate Finance Committee
Featured panelists:
Lily Batchelder, Frederick I. and Grace Stokes Professor of Law, New York University School of Law
Indivar Dutta-Gupta, Co-Executive Director, Georgetown Center on Poverty and Inequality
David Kamin, Professor of Law, New York University School of Law
Greg Leiserson, Director of Tax Policy and Chief Economist, Washington Center for Equitable Growth
Moderated by:
Seth Hanlon, Senior Fellow, Center for American Progress Action Fund