"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.
*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. *
And if they spend 10% of that into thoroughly investigating tax fraud and -avoidance, they will probably unearth at least twice the total amount again. All without needing to raise any taxes, just by making the culprits pay what is due.
*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. *
50 Billion a year, almost nothing.
And if they spend 10% of that into thoroughly investigating tax fraud and -avoidance, they will probably unearth at least twice the total amount again. All without needing to raise any taxes, just by making the culprits pay what is due.