Washington, D.C. – President Biden’s recent budget proposal would bring billionaires and big corporations closer to paying their fair share in taxes. It would also disincentivize wasteful spending on stock buybacks.
House Republicans rang in the New Year with a craven attempt to pander to their corporate cronies, making the 118th Congress’ very first vote one to defund the IRS and protect tax evaders. This comes after the agency finally received much-needed funding in last year’s Inflation Reduction Act after years of being under-resourced.
AFR joined a letter to the House of Representatives urging them to cosponsor the Wall Street Tax Act of 2021, H.R. 328. Also called the Financial Tax Transaction Act (FTT), the bill would create significant revenues and reduce risk and volatility, reorienting Wall Street’s focus away from speculation toward long-term investments that support Main Street businesses, employees, and working families.
Washington, DC – Friday at noon, DC activists will rally to close the egregious carried interest loophole outside private equity firm The Carlyle Group.
On the first anniversary of the Trump administration, the Take on Wall Street coalition catalogs the ways that Wall Street made bank on Trump in 2017.
The briefing paper linked below uses Penn-Wharton and IRS data to show how the financial sector is a big winner from the passage of the Tax Cuts and Jobs Act, with almost $250 billion in tax benefits over the next decade flowing to financial firms