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White House Decries Low Taxes for Rich as Congress Works on Plan

Sept. 23, 2021, 11:46 AM

The current tax code is ill-equipped to collect levies from some of the wealthiest Americans who are able to pay preferential rates or defer taxes altogether, according to new analysis from two White House economists.

The 400 wealthiest families were able to slash their federal income tax bills to an average rate of 8.2% from 2010-2018 because of preferential capital gains rates in the tax code as well as tax laws that allow investors to temporarily or permanently avoid triggering tax bills, according to the analysis released Thursday.

The report -- written by Council of Economic Advisers economist Greg Leiserson ...

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