'The Billionaires' Tax Plan being floated by Senate Finance Committee Chair Ron Wyden is an excellent first step in getting the wealthiest Americans to pay something, after a century of nothingness,' Edward J. McCaffery writes for CNNOpinion
Edward J. McCaffery is Robert C. Packard trustee chair in law and a professor of law, economics and political science at the University of Southern California. He is the author of"Fair Not Flat: How to Make the Tax System Better and Simpler" and founder of the People's Tax Page. The opinions expressed in this commentary are his own. View more opinion at CNN.
The Billionaires' Tax Plan being floated by Senate Finance Committee Chair Ron Wyden is an excellent first step in getting the wealthiest Americans to pay something, after a century of nothingness. Decades ago, I coined the phrase"Buy Borrow Die" to describe how rich Americans avoid paying their fair share of taxes. The recent ProPublica reporting on the techniques used by the rich to pay little or no income taxes by borrowing based on the increased value of their assets and holding onto them until death, bears out the point.
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