Skip to comments.Warren Introduces IRS Bill to Stop Wealthy Tax Cheats and Close the Tax Gap
Posted on 05/25/2021 10:27:10 AM PDT by DFG
Today, United States Senator Elizabeth Warren (D-Mass.), a member of the Senate Finance Committee, introduced the Restoring the IRS Act of 2021, which would provide the Internal Revenue Service (IRS) with the resources it needs to go after wealthy tax cheats and close the tax gap. The bill would rebuild and strengthen the IRS by permanently removing the IRS's base budget from the annual appropriations process and providing $31.5 billion in mandatory annual funding. This funding will allow the IRS to fairly enforce the tax code, modernize its IT systems, and improve taxpayer services.
The bill would also improve tax compliance by:
Requiring new third-party reporting from financial institutions to help the IRS verify tax filings for taxpayers with less visible income streams - without adding any burden on individuals Requiring the IRS to create a plan, and report annually on implementation progress, to shift audits towards high-income, high-wealth tax filers and corporations Requiring the IRS to report annually on the tax gap, and how additional information reporting requirements could further close the tax gap Requiring the IRS to conduct an analysis of racial disparities in the agency's enforcement activity Increasing penalties for underpayment for taxpayers with income above $2 million Applying the False Claims Act to misstatements on tax returns for taxpayers with income above $10 million
(Excerpt) Read more at warren.senate.gov ...
Isn’t that going to upset their base or will they just keep more of their money offshore in Switzerland and elsewhere?
Say goodbye to any anonymity your Paypal or Venmo had
Better yet, eliminate taxes and slash spending, and no more worries about loopholes.
Progressives in office are all scum.
Of course Warren and the rest of the Communists cabal in congress are exempt. The rules only apply to the peasants.
At this point, there is no point in personal or corporate taxes.
Simply create money out of thin air for the budget, as they do not - trillions at a pop - for lame things.
I would contribute to a bill to eliminate the federal income tax. It is a tool for dictatorial persecution and oppression. And just economically speaking it is killing millions of businesses and jobs
Sadly, not just the progressives.
The Sixteenth amendment made us surfs of the federal government.
The seventh amendment insured we would stay surfs.
Democrats are not just skilled politicians, they are also evil.
Like her? She’s a tax cheat.
The tax code already costs hundreds of billions of dollars a year in compliance costs, and Warren wants to further increase the friction and drag on the economy by also spending around a hundred billion on enforcement costs. With solely a national retail sales tax, compliance costs would plummet, as would enforcement costs. And the “loopholes” would be closed. But then government would lose the ability to pick winners and losers and otherwise micromanage people’s behaviors, and reward friends and punish enemies (e.g. the conservative media outlets targeted by Lois Lerner) by weaponized use of the tax code. And that’s not worth it to them - they’d rather burn a quarter trillion dollars a year on lost productivity rather than give up the bennies and weapons of the tax code. That’s how much the corruption is worth to them.
Princess Spreading Bull loves tyrannical three-letter Federal agencies.
“wealthy tax cheats”... surely she can see how idiotic this phrasing is-— most of those “cheats” are demonrats with accounting lawyers and they write the loopholes, number 1.
What this translates to is “increased staffing” to come after small business owners. And a return to the idiotic paper chase that was quickly abandoned before of a paper trail for small transactions— massive amount of paperwork created was soundly shut down. Poking around in every level of business— they need funding for that so says this witch harridan who was denied a place on a fedgov agency to further butt in on people the Consumer’s outfit.
Is she going after all the delinquent taxes that Sharpton owes?????
Your rich friends need to know about the Supreme Court’s clarification of Congress’s limited power to appropriate taxes, taxes that Congress cannot justify under its constitutional Article I, Section 8-limited powers, most federal taxing and spending by the post-17th Amendment ratification Congress unconstitutional imo.
"Congress is not empowered to tax for those purposes which are within the exclusive province of the States." —Justice John Marshall, Gibbons v. Ogden, 1824.
Since corrupt Congress has proven that it cannot be expected to police itself on unconstitutional taxes, consider that the Congressional Budget Office should be required by law to promptly publicly report when something in a given spending bill cannot be reasonably justified under Congress’s Section 8-limited powers.
In fact, Trump’s red tsunami of patriot voters need to primary federal and state lawmakers who refuse to promise to help pass such a law.
yes that is how it has worked out, correct.
any nation with idiots and/or outright enemies of the Constitution and our liberties in its government.... like Murkowski, Romney, Obama, Harris, Pelousy, Schitt, Nadler, etc is SICK in the head, and needs to repair its political system ASAP!
Really? I thought the New York State Attorney General enforces the tax code, or maybe that's just for people named Trump.
I can’t decide who is the most despicable POS in the Senate, but Warren is one of the top contenders for the title along with Blumenthal, Schumer, Hirono and a few others
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