The IRS wants to end another major tax loophole for the wealthy and raise $50 billion in the process

Associated Press ^ | June 17, 2024 | Josh Boak and Fatima Hussein

[Texas resident]

Two reasons.

1. The wealthy donate big bucks to the politicians

2. There are lots more in the middle class then the wealthy.
More targets.

[Miami Rebel]

“Should be obvious why rich liberals will ignore this and simply find another way of ‘avoiding’ payment of taxes.”

it has nothing to do with liberal or conservative. Th tax code is molded by the rich.

[Olog-hai]

And which rich have they been? Unilaterally liberal ones, instituting tax regimes that punish the poorer.

Donald Trump is obviously rich, and has campaigned for (and gotten) tax relief for all.

[Miami Rebel]

“Unilaterally liberal ones, instituting tax regimes that punish the poorer.”

You don’t think billionaires haven’t thrown money at the GOP for decades??

The fact is that once you get past the Civil War and Reconstruction, the bedrock value of the Republican Party has been advocating for the banks and corporations. Teddy Roosevelt was the only party leader to stray from those values.

[Olog-hai]

I said “liberals”, did I not? The GOP is majority liberal.

I guess that fact has not sunk in for you yet. If you are unfamiliar with the 45 communist goals for the USA yet, then give them a review, particularly goal #15:

Capture one or both of the political parties in the United States.

This takeover was ongoing in the 1950s and 1960s; several other books besides The Naked Communist were warning about it happening.

As for TR, he used the bogeyman of “banks and corporations” to push for unconstitutional increases in the power of the federal government. Perhaps you got lost on the way to a different forum?

[MinorityRepublican]

So I guess the Soviets won.

[Olog-hai]

Since the communists regard themselves as a worldwide revolution, their scope was well beyond just the USSR. Red China was only too happy to take over once Russia was in its weakened state; and of course the European Union became more openly a bastion of leftist “values”. And that’s not even getting into what the US left has done of late, which we all know.

[Miami Rebel]

TR was an exception, but the Party of the 1880s through 1920s was primarily a defender of banks and monopolies. Whether that was the constitutionally protected order I’ll leave to you, but it is ridiculous to suggest (as the original comment did) that the tax code was created by the “unilaterally liberal [rich],” unless you mean that the Morgans and Vanderbilts and Rockefellers were all liberals.

[NorthMountain]

I hate the term loophole.

It's purely a piece of political demagoguery. As at least one lawyer has explained to me, there's no such thing as a "loophole". The law is what it is, and it is assumed that it passed and was signed ONLY because it was written the way it was written, including any "exceptions".