IRS Expects $50 Billion Return by Closing Loophole Exploited by the #SuperRich

"Thanks to President Biden and Democrats in Congress, a well-funded IRS is closing a loophole to make the rich pay their taxes," said Sen. Elizabeth Warren.

by Jake Johnson
Jun 17, 2024

"Sen. #ElizabethWarren (D-Mass.) applauded the IRS' step, writing on social media that the Biden administration is "right to end these shell games."

"'The #superwealthy use complex #TaxSchemes to avoid paying what they owe,' Warren wrote. 'Thanks to President [Joe] Biden and Democrats in Congress, a well-funded IRS is closing a loophole to make the rich pay their taxes.'

"IRS funding provided by the #InflationReductionAct—a Democratic measure unanimously opposed by the congressional #GOP—has allowed the agency to more aggressively pursue rich #TaxDodgers whose more complicated returns require greater resources to audit than those of working-class Americans, who were audited at a higher rate than millionaires under the #Trump administration.

"Republican lawmakers are currently trying to slash IRS funding and scrap a free online tax-filing system that the agency launched this year. As The Hill reported earlier this month, House Republicans have proposed cutting IRS funding for fiscal year 2025 by $2.2 billion, specifically targeting enforcement resources.

"The IRS estimated earlier this year that if Republicans don't succeed in rolling back funding increases, the agency could collect roughly $560 billion from big #corporations and rich tax cheats over the next 10 years."

https://www.commondreams.org/news/irs-tax-loophole

#CorporateTaxCheats #TaxTheRich #CorporateTaxDodgers #TaxTheCorporations #BerniesList

2019: #BernieSanders wants to tax companies that pay their #CEOs way more than their #workers

Bernie Sanders has a new corporate tax plan.

By Tara Golshan Updated Oct 1, 2019

"There are striking pay disparities between those in the C-suites of the biggest companies in the United States and the average workers.

"An average American #CEO at a S&P 500 company earned $14.5 million in 2018, the same year an average worker made $39,888. Over the last decade, CEOs’ average pay has increased by $5.2 million. In ten years, the average American worker’s pay hasn’t even increased by $10,000, according to the AFL-CIO labor federation’s analysis of the federal data.

"A new IPS study found only five S&P 500 firms had CEO-to-worker pay ratios of less than 25 to 1. More shockingly, 49 of the 500 largest publicly traded firms have a median worker pay below the U.S. poverty line for a family of four. The median 2018 CEO pay at these 49 firms is $12.3 million.

"Publicly held companies are required to file their CEO-to-worker pay ratios with the US Securities and Exchange Commission as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.

"These filings showed #Walmart paid its CEO 1,076 times more than the median Walmart worker last year — $23.6 million to $21,952. #JeffBezos gets paid 58 times the median #Amazon worker. The CEO of #TheGap makes a staggering 3,566 times what the clothing retailer’s median worker makes. These are the companies that would get hit by Sanders’s Income Inequality Tax. His plan would direct the Treasury to collect CEO-to-worker pay ratio data from privately held companies — and make it public — and also issue regulations around tax avoidance."

https://www.vox.com/2019/9/30/20890172/bernie-sanders-ceo-corporate-tax-plan-2020

#CorporateTaxDodgers #Oligarchy
#OilAndGasIndustry
#Oiligarchy
#Corporatocracy
#Corporatism #BerniesList

2022: #BernieSanders wants a 95% tax on #BigCorporations' pandemic-era profits to bring down rising prices

by Joseph Zeballos-Roig and Juliana Kaplan
Mar 25, 2022

- Sanders wants to hit all large firms with a 95% windfall tax on their revenue.

- Under the plan, #Amazon would have paid $28.6 billion in 2021.

- Its reach goes far beyond the #OilAndGasIndustry.

- Deemed a "temporary emergency measure," the tax would only be in place from 2022 to 2024. The levy would bring in $400 billion in just one year.

Sanders: "We cannot allow #BigOil companies and other large, profitable corporations to continue to use the war in Ukraine, the COVID-19 pandemic, and the specter of #inflation to make o#bscene profits by price gouging #Americans at the gas pump, the grocery store, or any other sector of our economy."

https://www.businessinsider.com/sanders-windfall-tax-large-companies-cut-high-prices-2022-3?op=1

#CorporateTaxDodgers #Oligarchy
#OilAndGasIndustry
#Oiligarchy
#Corporatocracy
#Corporatism #BerniesList

March 2022: #BernieSanders Floats 95% #Corporate Tax Targeting Biggest U.S. #Companies

New levy would mean up to 75% taxation on corporate profits

Tax would only apply for the next three years, as crises abate

By Laura Davison
March 25, 2022

https://www.bloomberg.com/news/articles/2022-03-25/sanders-floats-95-corporate-levy-going-after-jpmorgan-chevron

Archived version:
https://archive.ph/E5eIl

#JPMorgan #Chevron #CorporateTaxDodgers #Oligarchy
#OilAndGasIndustry
#Oiligarchy
#Corporatocracy
#Corporatism #BerniesList