Washington, DC – Senator Sheldon Whitehouse (D-RI), Chair of the Senate Finance Subcommittee on Taxation and IRS Oversight, released the following statement today on the investigation by ProPublica revealing how the richest Americans avoid paying income tax on billions of dollars in income.
“Regular Americans pay their fair share, while some of the wealthiest U.S. taxpayers contribute next to nothing on billions in income. We need to pass my Buffett Rule bill to set a fair baseline for millionaires and billionaires, and pass reforms to address the mega-rich earning tax-free billions off their massive fortunes. We also need to pass my legislation to prevent wealthy taxpayers from stowing their income in overseas tax shelters.”
Whitehouse’s Paying a Fair Share Act would ensure multi-millionaire and billionaire taxpayers pay at least a 30 percent effective tax rate. The bill was inspired by billionaire investor Warren Buffett, who has said he pays a lower percentage of his income in taxes than his secretary.
Whitehouse has also introduced the Stop Tax Haven Abuse Act to crack down on offshore tax evasion by the superrich, which contributes to the growing tax gap. It would also close egregious offshore tax loopholes that allow companies with armies of lawyers to avoid taxes by making profits earned here in America magically appear on the books in tax havens like the Cayman Islands.
