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11 August, 2022

GOP attacks IRS to help billionaire donors dodge taxes

icon billionaires,IRS,tax dodgers
GOP attacks IRS to help billionaire donors dodge paying taxes

Republicans are upset that the IRS will hire more agents to catch tax dodgers. Why?

Follow the money to trace the connection between tax dodging billionaires and political donations to the GOP.

"The Democrats just passed this plan to hire an additional 87,000 IRS agents... our country needs prayers." said Mike Lee (R-UT) - MSN

Follow the money

Republicans attack the IRS so their wealthy donors can pay less in taxes
Share this relationship map freely with this link or as a GIF

How billionaires dodge paying their fair share of taxes

Billionaire business owners deployed lobbyists to make sure Trump’s 2017 tax bill was tailored to their benefit. Confidential IRS records show the windfall that followed. (ProPublica).

"26 of the nation’s richest billionaires paid an average effective federal income tax rate of just 4.8%. Collectively, they paid just $24 billion in taxes — a tiny amount compared to an immense growth of $500 billion in their wealth over those six years. Billionaires are able to dodge taxes on a large portion of their wealth due to tax laws allowing them to accrue wealth largely tax-free through investments and other sources. The taxes they did pay are on their relatively low taxable incomes — which Americans for Tax Fairness calculates in this case to be $132.2 billion, or only about a fourth of their wealth gain." - TruthOut

  • Elon Musk, now the world’s richest man, according to Forbes, paid a tax rate of only 2.1 percent 
  • Jeff Bezos world’s second richest person paid an effective federal tax rate of 1.1 percent.
  • Conservative bankrollers Charles Koch paid only 1.3 percent.
  • The world’s fifth richest person, Warren Buffett, paid 0.1 percent in income taxes.
  • Mark Zuckerberg, the 15th richest people paid an effective federal tax rate of 1.1 percent.

"Leave my billionaire donors alone"

  • Cut taxes for billionaires. Ron Johnson (R-WI)
  • Don't let the IRS see bank records. "Senator Rubio (R-FL) and Senator Tim Scott (R-SC) introduced the Prohibiting IRS Financial Surveillance Act to prevent the Internal Revenue Service (IRS) from implementing Democrats’ plan to give the agency access to the financial transaction information of virtually every American." - Senate
  • Abolish the IRS. Rand Paul (R-KY) even made a video to push for killing the IRS.
  • Don't let the IRS hire more agents. "The Democrats just passed this plan to hire an additional 87,000 IRS agents... our country needs prayers." said Mike Lee (R-UT) MSN
Republicans give billionaires tax cuts in return for political donations.
Source: ProPublica

More tax cuts for the rich

"Johnson’s demand was simple: In exchange for his vote, the bill must sweeten the tax break for a class of companies that are known as pass-throughs, since profits pass through to their owners. Johnson praised such companies as “engines of innovation.” Behind the scenes, the senator pressed top Treasury Department officials on the issue, emails and the officials’ calendars show. Johnson’s ultimatum produced results. Trump personally called the senator to beg for his support, and the bill’s authors fattened the tax cut for these businesses. Johnson flipped to a “yes” and claimed credit for the change. The bill passed. Confidential tax records, however, reveal that Johnson’s last-minute maneuver benefited two families more than almost any others in the country — both worth billions and both among the senator’s biggest donors. - ProPublica

Dick and Liz Uihlein of packaging giant Uline, along with roofing magnate Diane Hendricks, together had contributed around $20 million to groups backing Johnson’s 2016 reelection campaign."

Billionaire Income Tax Bill forces the super rich to pay their fair share of taxes

How does billionaires dodging taxes hurt you?

America’s billionaire bonanza demonstrates the flaws in our current economic and tax systems President Biden and Democrats are advancing a budget package... it will aid communities and working families by making healthcare, eldercare, childcare, housing and education more affordable, investing in clean energy, expanding the Child Tax Credit and providing 12 weeks of paid family and medical leave. It will be paid for by making the wealthy and corporations pay their fair share of taxes, and it will not raise taxes on anyone making under $400,000 a year. 

“Billionaires have reaped an unseemly windfall at a time when hundreds of thousands of people have lost their lives and livelihoods.” said Chuck Collins, of the Institute for Policy Studies, author of The Wealth Hoarders. “We should use this moment of extreme wealth inequality to fix a tax system tilted in favor of the wealthy and large corporations.” - Americans for Tax Fairness

TakeAway: Follow the money to see how billionaires get tax cuts by donating to Republicans. VOTE so everyone pays their fair share.

Deepak
DemLabs

Image credit: A Black high school student, Walter Gadsden, 15, is attacked by a police dog during a civil rights demonstration in Birmingham, Alabama, in 1963, in this photo by Bill Hudson. These and other iconic images from the Birmingham protests shocked many Americans and helped bring an end to segregation laws. BILL HUDSON/ASSOCIATED PRESS

DISCLAIMER: ALTHOUGH THE DATA FOUND IN THIS BLOG AND INFOGRAPHIC HAS BEEN PRODUCED AND PROCESSED FROM SOURCES BELIEVED TO BE RELIABLE, NO WARRANTY EXPRESSED OR IMPLIED CAN BE MADE REGARDING THE ACCURACY, COMPLETENESS, LEGALITY OR RELIABILITY OF ANY SUCH INFORMATION. THIS DISCLAIMER APPLIES TO ANY USES OF THE INFORMATION WHETHER ISOLATED OR AGGREGATE USES THEREOF.

How to use this relationship map

How to use this relationship map to see how billionaires donate to Republicans to avoid paying their fair share of taxes.
Republicans steal tax funds from the poor to pay their rich donors
Republicans shower tax cuts on their rich donors
Billionaires dodge their taxes
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