The wealthiest 1 percent in the globe's most influential economies have seen their tax obligations dramatically reduced.
The Tax Relief for American Families and Workers Act has been promoted for its child tax credit component. However, it also contains provisions that substantially benefit the wealthy and corporations.
The bill, filed by Sen. Garcia, was designed to support presidential candidates from Florida, including Trump, in their legal battles.
"Reforming corporate tax policies is crucial for building a more equitable economy."
The legislation, titled the Tax Excessive CEO Pay Act, targets corporations with stark discrepancies in compensation between CEOs and their workers.
According to the report, in 41 out of 50 states, the wealthiest 1 percent are subjected to lower tax rates compared to other income groups.
The amendment, applying a 4 percent annual surtax to individuals with incomes over $1 million, was passed via a statewide ballot initiative in 2022.
Washington is contemplating a state wealth tax, a levy that would cost Jeff Bezos.
"The Roberts Court could decide with the stroke of a pen to simultaneously forgive big business decades of tax dues."