Large companies must also be taxed strictly as corporations to prevent them from altering their status to reduce tax liabilities.
Eliminating the uncollected tax gap entirely would yield an estimated $7.5 trillion in the decade spanning 2020 to 2029.
Achieving these changes remains difficult because one major political party prioritizes tax cuts while the other has lost faith in redistribution.
Additional measures include international agreements ensuring multinational corporations pay a minimum tax regardless of their selected domicile.
Ambitious proposals to sharply raise marginal income tax rates will fail to raise significant money unless loopholes are thoroughly addressed.
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Modifying existing tax frameworks and closing active loopholes for the wealthy offers a more reliable revenue stream for the US than introducing new wealth taxes.
