What’s on the Table: Tax Reform Ideas
Lawmakers know this gap exists, but proposals to fix it often get stuck in political quicksand. Here are the big ideas you might hear about:
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Billionaire Minimum Income Tax: A proposal to make sure the ultra-rich pay at least a set percentage of their true income (including unrealized gains). The goal is to stop situations where billionaires pay less than teachers or firefighters.
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Closing Loopholes: This means tightening rules around offshore accounts, shell companies, and that “buy, borrow, die” cycle.
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Wealth Taxes: Taxing overall net worth, not just income. Critics argue it’s complicated to track and value assets like private businesses or art collections. Supporters say it’s the only way to make sure wealth contributes fairly.
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Revisiting Capital Gains: Capital gains are currently taxed lower than wages. Reform would bring those rates closer together so money from wealth is taxed more like money from work.
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Senior Relief Programs: Some ideas include raising the income threshold for Social Security taxation or expanding tax credits specifically for retirees.
Whether these proposals become reality is another story. But the conversation is growing louder, and seniors have a big voice in it.
On the next page, let’s break down exactly what retirees can do to take back control.
