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  2. Ultra-Millionaire Tax Act of 2021 - Wikipedia

    en.wikipedia.org/wiki/Ultra-Millionaire_Tax_Act...

    The Ultra-Millionaire Tax Act of 2021 is a proposed bill in the United States Congress, which would impose a tax on the wealth of the top 0.05% of Americans.The act was proposed and introduced by Senator Elizabeth Warren (D-Mass), Representative Pramila Jayapal, and Representative Brendan Boyle. [1]

  3. Legal history of income tax in the United States - Wikipedia

    en.wikipedia.org/wiki/Legal_history_of_income...

    This tax was repealed and replaced by another income tax in the Revenue Act of 1862. [9] After the war when the need for federal revenues decreased, Congress (in the Revenue Act of 1870) let the tax law expire in 1873. [10] However, one of the challenges to the validity of this tax reached the United States Supreme Court in 1880. In Springer v.

  4. History of taxation in the United States - Wikipedia

    en.wikipedia.org/wiki/History_of_taxation_in_the...

    A comedic representation by Clifford K. Berryman of the debate to introduce a sales tax in the United States in 1933 and end the income tax Following World War II tax increases, top marginal individual tax rates stayed near or above 90%, and the effective tax rate at 70% for the highest incomes (few paid the top rate), until 1964 when the top ...

  5. Taxing and Spending Clause - Wikipedia

    en.wikipedia.org/wiki/Taxing_and_Spending_Clause

    The Taxing and Spending Clause [1] (which contains provisions known as the General Welfare Clause [2] and the Uniformity Clause [3]), Article I, Section 8, Clause 1 of the United States Constitution, grants the federal government of the United States its power of taxation. While authorizing Congress to levy taxes, this clause permits the ...

  6. Revenue Act of 1935 - Wikipedia

    en.wikipedia.org/wiki/Revenue_Act_of_1935

    The Revenue Act of 1935, 49 Stat. 1014 (Aug. 30, 1935), raised federal income tax on higher income levels, by introducing the "Wealth Tax". [1] It was a progressive tax that took up to 75 percent of the highest incomes (over $1 million per year). [2] The Congress separately also passed new taxes that were regressive, especially the Social ...

  7. Why a 70% tax rate on the rich wouldn’t work, according to a ...

    www.aol.com/article/finance/2019/02/26/why-a-70...

    Over 60 percent of those surveyed “support a wealth tax on households that have a net worth of at least $50 million.” ... due to the tricky nature of pinning down an individual’s net worth ...

  8. Elizabeth Warren's proposed wealth tax will raise $1 trillion ...

    www.aol.com/article/news/2019/12/12/elizabeth...

    Sen. Elizabeth Warren's proposed wealth tax would set back US economic growth by 0.9% in 2050, according to a new study released Thursday, possibly undercutting the signature plan helping to power ...

  9. ‘Tax avoidance is a key skill to building wealth’: Scott ...

    www.aol.com/finance/tax-avoidance-key-skill...

    In May 2021, Washington Gov. Jay Inslee signed Senate Bill 5096 into law, imposing a 7% tax on any gain in excess of $250,000 from the sale or exchange of stocks, bonds and other investment assets.