Why do you have to pay more in taxes than many billionaires do? Learn their secrets!
This is especially timely as Mike Johnson and MAGA Republicans are pushing to cut IRS funding to help their billionaire donors.
Start by following the money. What is the effective billionaire tax rate for wealth growth? How do billionaires get Republicans to cut their taxes? How can billionaires spend unlimited funds to promote their favorite politicians? Stack the Supreme Court with justices who pass laws that help them richer? How do billionaires curry favor with Supreme Court Justices? Why are Republicans pushing to gut the IRS when it makes money for Americans by catching tax cheats?
Start with this relationship map. Click on any person or activity for more details.
Follow the money
Republicans want to cripple the IRS in catching tax cheats
"The legislation reflects the GOP’s ongoing determination to undo the IRS expansion that Biden secured in 2022 in the Inflation Reduction Act, which boosted the agency’s funding by $80 billion to improve taxpayer services and pay for more enforcement actions against wealthy tax cheats. Biden and House Republicans agreed to repeal roughly $20 billion of that $80 billion as part of a deal in May to suspend the U.S. debt ceiling. Now, Republicans are pushing for more reductions.
The GOP bill would pare back funds for most parts of the IRS expansion, including increased enforcement and a new online portal to allow taxpayers to file their taxes for free directly with the government. The legislation excludes cuts to improved taxpayer services that have helped the IRS reduce wait times for calls.
Using the IRS funding to offset the Israel aid might not actually save money: The nonpartisan Congressional Budget Office had estimated in 2022 that the $80 billion IRS expansion would cut the deficit by more than $100 billion by improving collections and enforcement. “This is the reverse of the right way to think about this,” said Mark Mazur, the Biden administration’s former assistant treasury secretary for tax policy. “This is like if you take a dollar from the IRS and throw a $5 bill out the window.” - Washington Post
Americans For Tax Fairness
The IRA addressed the scandal of tax-free corporate titans by placing a 15% minimum tax on America’s biggest corporations, boosted the budget of the resource-starved IRS so it can better serve regular taxpayers while cracking down on rich and corporate tax cheats, taxed Wall Street stock buybacks that further enrich CEOs and wealthy shareholders at the expense of workers and communities, and curbed the ability of rich business owners to cut their taxes with paper losses at their firms.
The investment in the IRS is already paying off: the agency is answering millions more phone calls than before the boost in funding and callers are spending a fraction of the time they used to on hold, the IRS has opened dozens of taxpayer assistance centers to offer in-person help, and more paperwork has migrated online. At the same time the IRS has been pursuing ultra-wealthy tax dodgers, recovering unpaid taxes from multi-millionaires— money that can now be invested in public services instead of on more luxury cars and exotic vacations." Americans For Tax Fairness
What! You don't have millions for lobbying?
You don't have millions to spend on political donations? Private jets to take Supreme Court Justices on vacations? Well, sorry. In that case you may have to just pay your fair share of taxes like other hard working Americans. These loopholes are only for billionaires...
TakeAway: Vote for Democrats to drain the swamp in which billionaires dodge paying their fair share of taxes and Republicans cut Federal aid to working Americans to make up for the funding loss.
Deepak
DemLabs
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