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