美国进步中心-美国家庭计划向亿万富翁征税，保护家庭农场和企业（英）-2021.8-13页.pdfVIP

The American Families Plan Taxes Billionaires and Protects Family Farms and Businesses By Nick Buffie and Bob Lord August 30, 2021 In recent months, reporting by ProPublica confirmed that some of the wealthiest billionaires in the United States are paying virtually no income tax on the incredible 1 gains in their fortunes. Worse, a massive loophole in the tax code allows these bil- lionaires and other wealthy Americans to escape income tax on their gains for their entire lifetimes—even as regular Americans pay income tax on every paycheck. To pay for the transformative investments in his Build Back Better agenda, President Joe Biden has proposed tax reforms to close a capital gains loophole favoring the wealthiest Americans. ft i s change is the most important way that Biden’s plan combats the tax code’s preferential treatment of income from wealth over income from work. Under the American Families Plan (AFP), only a small fraction of Americans— those with very large untaxed gains—would be affected, mainly because the plan 2 exempts the first $1 million of untaxed gains per person. And while critics of the president’s plan have argued that it would harm family farms and businesses, these claims are unfounded. As this issue brief explains, many of these claims are based on flawed studies, including some that do not even analyze the actual Biden proposal. f t e fact is that under the AFP, the vast majority of Americans—including fam- ily farmers and small-business owners—would be exempt from new taxes, since the proposal is targeted at those with large untaxed gains. Moreover, the proposal includes special protections for owners of family farms and businesses who plan to keep their enterprises in the family. Because of these protections, critics’ harshest claim—