The White House is discussing tax increases for corporations and the wealthy to fund a $3 trillion infrastructure bill.
The new analysis finds that these households often use complex tax avoidance strategies to outmaneuver audits.
The legislation would hike taxes on large corporations that pay their CEOs over 50 times more than its median worker.
The proposals Biden is considering would increase federal revenues by around $2.1 trillion.
Republicans have unveiled their latest attempt to repeal the estate tax that only affects the richest of the rich.
After the tech sector, Wall Street is the second highest source of wealth for American billionaires.
The Ultra-Millionaire Tax Act of 2021 calls for a 2 percent tax on wealth between $50 million and $1 billion.
“The work goes on,” Manhattan District Attorney Cyrus Vance tweeted minutes after the decision was announced.
Even in a pandemic, 64 billionaires have seen incredible gains from the major league sports teams they own.
After landing a spot on the Finance Committee, Warren said, “It is time to make the ultra-rich pay their fair share.”