The Restoring the IRS Act of 2021 would nearly triple the budget of the government agency from $11.8 billion to $31.5 billion for mandatory annual spending.
Warren said that the goal of the proposal is to go after wealthy Americans and corporations that might be gaming the tax system.
“For too long, the wealthiest Americans and big corporations have been able to use lawyers, accountants, and lobbyists to avoid paying their fair share — and budget cuts have hollowed out the IRS so it doesn’t have the resources to go after wealthy tax cheats. The IRS should have more — and more stable — resources to do its job, and my bill would do just that,” Warren said, according to a Monday news release.
The release cited a study from the National Bureau of Economic Research which suggests that the top 1 percent of income earners in the United States underreport a fifth of their yearly incomes.
In addition, Warren referenced a hearing with IRS Commissioner Charles Rettig, where he said that the agency would greatly benefit from mandatory funding.
“In the last decade, our enforcement personnel — we’ve lost 17,000 enforcement personnel. So we have 17,000 fewer people to do exactly what you’re asking and the point is we actually have 6,500. That’s our population that go after the high income taxpayers, the most egregious cases, and the corporate world. So, if you were to add 17,000 to 6,500, I think you would see a reversal in those numbers,” Rettig said in March.
“Mandatory, consistent, adequate multi-year funding allows us to plan appropriately. Every time we go into hiring, we have a concern whether we can actually feed those folks the next year,” he later added.
For those who do not think the wealthy pay their “fair share”, the top one percent of earners currently pay 38.5 percent of all income taxes in the United States, according to the Tax Foundation.
Warren’s bill falls in line with President Joe Biden’s plan, which would add 87,000 employees to the agency to crack down on...
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You know , somehow democrat senators and congressmen will be exempt from irs scrutiny.
ReplyDeleteWho will it land on? People who get cash tips, people who get paid in cash, etc...
ReplyDeletenot on the people who have armies of accountants, and the ability to properly structure their income to minimize the amount of money the government is able to steal from them.
In case somebody has not be paying attention - the US billionaire class is now large majority left wing and they underwrite the Democrat party with their money. Who do you think paid for the election steal? The tech billionaires have gained monopolies in their business dealings - and are using those monopolies to silence conservative speech while contributing huge amounts of money to Communist organizations like BLM. They are in bed with the Communist Chinese and do their bidding. Taxing them into poverty would be one of the most pro-freedom things that could happen right now. Unfortunately, Fauxcahontas is blowing hot air to keep her far left wing state voters on the reservation, so to speak. The Democrats would not pass a meaningful billionaire tax measure than they would slit their throats. Because that's exactly what they would be doing.
ReplyDeleteLiberals love having their obfuscated money used against them, idiots.
ReplyDelete