'Turning up the spotlight on tax dodging by the wealthy would increase momentum for fair taxation to pay for needed public investments.'
, up $2 trillion since the beginning of the pandemic. Yet, we know a lot less about how much the top-earning Americans pay in federal income taxes today than we did even a few years ago.
One easy first step: reinstate an annual IRS report on the income earned and taxes paid by the nation's 400 highest-income taxpayers. President Trump terminated this publication in one of his first official acts. Collectively, these 400 taxpayers reported $127.1 billion in income and paid $29.4 billion in federal income taxes, an effective tax rate of 23.1 percent.
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