According to the news in The Guardian, the group called Patriotic Millionaires supports the progressive policies in which the tax paid by the rich in the USA is increased. In their protest, the millionaires supported US President Joe Biden’s plan to increase taxes on companies and individuals that earn more than $ 400,000 a year.
The rich demonstrating want the rich people to be taxed and argue that Bezos has avoided paying taxes so far. People whose members earn more than $ 1 million a year or have $ 5 million worth of wealth take action in front of Bezos’ homes on the occasion of Tax Day. “Cut the bullshit. Tax the rich.”
Morris Pearl, chairman of the group and a former BlackRock executive, said, “We are finishing the system of few rich people and too many poor, it is not working. There cannot be such a sustainable society.”
Although Jeff Bezos supported increasing the tax rate of companies in the US, the taxes paid by Amazon became the subject of controversy when it came out. A study by the Institute of Taxation and Economic Policy revealed that Amazon paid 9.4 percent federal income tax in 2020.
Biden increased its tax rate on capital gains from 20 percent to 28 percent for those who earn more than $ 1 million.
In early April, US President Joe Biden announced the $ 2.3 trillion infrastructure package, called the “American Employment Plan”, which constitutes the first leg of the economic plan.
The package, which aims to revitalize production with the development of transportation and communication infrastructure, included projects such as roads and bridges as well as projects aimed at combating climate change and increasing humanitarian services.
On April 7, the US Treasury Department shared the details of the tax plan, which will finance the $ 2.3 trillion infrastructure package announced by Biden and includes regulations on corporate tax.
Biden aims to increase taxes from the rich!
Source: News Global