4 of a Kind
- Nov 8, 2014
- Reaction score
Again if you up the tax on the billionaires to peak stupid you aren’t going to accomplish much. There aren’t that many or 100 millionaires.People seriously misunderstand how the rich avoid taxes. Yes, they do have very good accountants and make use of every legal loophole. Yes, they make large donations to Congress for the very best tax cuts. And no, the rich don't get tired of winning.
But is that enough? Hell no. There is plenty of brazen fraud. Not to name names, but there likely were very good reasons why a billionaire wouldn't release his entire tax return history and allow a deep search for criminal activity by a motivated, skilled set of accountants / lawyers.
It is hard to appreciate how out gunned the IRS is vs a huge financial interest. The Treasury pays very poorly. Very, very poorly. When the agent gets their skills from a few years service, then they get paid far better to work on the client side of IRS actions. This means the government has weak advocates and short timers at that. It is easy for the government to get bogged down by a well funded ultra wealthy taxpayer.
On the other hand, going for that family with the yard sale is trivial. Send a demand letter. If that doesn't work, levy the wages and put a lien on the house. Poor sucker can't afford to hire good defense against a $1,000 tax + penalty bill. So they just pay up. Or the IRS just grabs the paycheck and laughs.
I do think the IRS would need an army of skilled professionals to contest the tax returns of the top 1/1,000. And I would be in favor of that. But they aren't hiring very skilled people because - - - the IRS pays so poorly relative to the market for skilled tax accountants. < to be fair, $55,000 - $105,000 for a MBA educated accountant is not minimum wage. But it is a fraction of what a major name tax firm pays it's staff>
Not sure who is kidding whom, but a $600 or even $10,000 annual threshold on bank reporting basically means reporting everyone's bank account. Make it $1,000,000+ and I would be more inclined to agree that it might be a good idea.
They want more from the middle and upper middle class business owners.
The top 10% already pay nearly 80% of the current tax revenue.
If you think the few dollars from a couple of billionaire tax cheats is what they want you are just wrong. There are a couple of them maybe a few bucks. But if you get the entire middle class foe another 10% that’s trillions
There is no mass critical tax fraud people are hiding trillions a year on it’s just not there.
And with this monitoring they sure aren’t after multi millionaires if it’s a $600 level. They want more and more from the middle class to pay for these massive budget bills and relief packages they are blowing money into the sky with. And all they have done so far is break the supply chains and record inflation.
Tax revenue the past year or two is up and at record levels. They have a spending problem the tax revenue is there and the highest they’ve ever seen. If you don’t see it now you will later when the negative interest rates hit and the recession / stagflation becomes even worse. Then when it can’t sustain itself anymore remember what interest rates were in the 80s after a massive wave of record inflation. Hope you don’t need a loan then.