The Secret to Actually Taxing the RichTaxing the rich doesn’t...
The Secret to Actually Taxing the Rich
Taxing the rich doesn’t just entail closing tax loopholes and instituting a new wealth tax. It also means ensuring they pay what they owe in the first place — and that means boosting the Internal Revenue Service’s funding.
The richest 1 percent of Americans evade $163 billion every year in taxes. How do they get away with it? Because the IRS doesn’t have the tools and resources available to audit these wealthy tax cheats.
Over the past 10 years, the IRS budget has been reduced by roughly 20 percent. And as of last year, the IRS had 9,510 auditors — down a third from 2010. The last time the IRS had fewer than 10,000 revenue agents was 1953, when the economy was a seventh of its current size.
The result? Millionaires in 2018 were about 80 percent less likely to be audited than they were in 2011, and now the poorest taxpayers are audited at about the same rate as the top 1 percent.
When asked by Congress why this is, the IRS said that auditing poor taxpayers is a lot easier because it’s done by relatively low-level employees. These audits are “the most efficient use of available IRS examination resources.”
Beefing up IRS enforcement is a critical part of cracking down on wealthy tax cheats and ensuring the super-rich pay their fair share.
Every $1 invested in the IRS budget produces $4 in revenue.
Imagine what programs we could fund, how many people we could help, if the IRS was able to recoup that $163 billion that the top 1 percent shorts the government every year. Fully funding the IRS should be a no-brainer.
(Please sign up for my new newsletter here: https://robertreich.substack.com/p/thanks-for-joining-me?fbclid=IwAR3E_BOfMgapUkC4aSaZffPWJQPqLe7zNZM5QKa-PTs4ZKn_7N9rT_G4Zfw
Robert Reich
This is from Robert Reich’s blog, www.robertreich.org. He is professor of public policy at Berkeley, former U.S. Secretary of Labor, and author of 13 books, the most recent of which is “Aftershock: The Next Economy and America’s Future.”
Source: https://robertreich.org/post/663688097823932416
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Whistler Blowers, Insiders
The rich know what I am about to say. It is unfortunate that no one has ever explained it to the ‘poor sheep’, or they’d get off this ‘tax the rich’ kick…FOREVER.
So, you’re rich and don’t want to pay taxes. First, have your company set up a full suite of accomodations and services for VIPs. This includes a summer and winter home, a yacht, a car, possibly a ski resort or two…the company owns them, allocates them to company-designated VIPs as the COMPANY desires, and WRITES THEM OFF as ‘operation expenses’ (the cost-of-doing-business)…THEY GET A TAX DEDUCTION IN FACT!
Now, as the CEO, COO, or other important character to this company (your company, an LLC; or a public company, publicly-traded)…you ‘designate that you are doing forward looking research’, and have the company ASSIGN YOU TO VIP FACILITIES ACCESS…so, you winter in Vale near the ski resort (they own), and summer in the Bahamas (again, where they own)…publicly, you are a ‘philanthropist’, so you either ‘give away your paycheck’ (a tax write-off…maybe), or just be ‘the nice guy you are’ and work for $1 a year (now, you can draw Social Security, qualify for welfare and Medicaid, food stamps, etc.)…while driving your Rolls Royce! It is done EVERY-SINGLE-DAY!!! You will NEVER ‘catch them’, they are smarter than you!
Now…about that ‘flat tax’, starting at $50k (or maybe just pin it to the median income, which right now is around $44k), that our politicians REFUSE to consider…that we should have done LONG AGO!