Pandora Papers, South Dakota, Nevada, and Texas Republicans.

[Harpy Eagle]

How would you suggest funding the government in that scenario?

Tax expenditures describe revenue losses attributable to provisions of Federal tax laws which allow a special exclusion, exemption, or deduction from gross income or which provide a special credit, a preferential rate of tax, or a deferral of tax liability.

Get rid of them and you cover the current deficit, or close to it

 

[Orangecat]

Tax expenditures describe revenue losses attributable to provisions of Federal tax laws which allow a special exclusion, exemption, or deduction from gross income or which provide a special credit, a preferential rate of tax, or a deferral of tax liability.

Get rid of them and you cover the current deficit, or close to it

So you want no income deductions whatsoever? No child tax credits? I'm with you, but I'd far prefer a consumption tax instead of income. Spend more, pay more tax. Save your money and pay no tax.

 

[Harpy Eagle]

So you want no income deductions whatsoever? No child tax credits?

Yes, that is what I am saying.

I'm with you, but I'd far prefer a consumption tax instead of income. Spend more, pay more tax. Save your money and pay no tax.

I could be swayed by this, with this one cannot argue about what is "income" and what is not

 

[struth]

I say it is prudent use of limited resources. If they spend the same amount to get 100 bucks from Bob as they do to get 100 grand from Sue, then why would they waste their time on Bob?

Better solution is to trash the tax code and get rid of all tax expenditures .

if they have evidence anyone is committing a crime they can investigate

but targeting one group because they are wealthy is a violation of the law, and wrong.

 

[georgephillip]

what law was passed saying wealthy people get audited less then wage earners? frankly i don’t think that is true

but i am directing the question at you since you wrote the post, suggesting they should be treated differently and given more oversight

Between 2010 and 2017 the IRS budget was slashed by two billion dollars:
The richest one percent should be audited at higher rates than productive taxpayers because the rich bribe government for the laws and institutions that allow private fortunes to come into existence in the first place.

When those who own the private fortunes refuse to pay taxes they owe, productive members of society pay the cost in higher taxes or lost services.

How the IRS Was Gutted

"Had the billions in budget reductions occurred all at once, with tens of thousands of auditors, collectors and customer service representatives streaming out of government buildings in a single day, the collapse of the IRS might have gotten more attention.

"But there have been no mass layoffs or dramatic announcements. Instead, it’s taken eight years to bring the agency that funds the government this low. Over time, the IRS has slowly transformed, one employee departure at a time.

"The result is a bureaucracy on life support and tens of billions in lost government revenue. ProPublica estimates a toll of at least $18 billion every year, but the true cost could easily run tens of billions of dollars higher.

"The cuts are depleting the staff members who help ensure that taxpayers pay what they owe. As of last year, the IRS had 9,510 auditors.

"That’s down a third from 2010. The last time the IRS had fewer than 10,000 revenue agents was 1953, when the economy was a seventh of its current size."

 

[struth]

Between 2010 and 2017 the IRS budget was slashed by two billion dollars:
The richest one percent should be audited at higher rates than productive taxpayers because the rich bribe government for the laws and institutions that allow private fortunes to come into existence in the first place.

When those who own the private fortunes refuse to pay taxes they owe, productive members of society pay the cost in higher taxes or lost services.

How the IRS Was Gutted

"Had the billions in budget reductions occurred all at once, with tens of thousands of auditors, collectors and customer service representatives streaming out of government buildings in a single day, the collapse of the IRS might have gotten more attention.

"But there have been no mass layoffs or dramatic announcements. Instead, it’s taken eight years to bring the agency that funds the government this low. Over time, the IRS has slowly transformed, one employee departure at a time.

"The result is a bureaucracy on life support and tens of billions in lost government revenue. ProPublica estimates a toll of at least $18 billion every year, but the true cost could easily run tens of billions of dollars higher.

"The cuts are depleting the staff members who help ensure that taxpayers pay what they owe. As of last year, the IRS had 9,510 auditors.

"That’s down a third from 2010. The last time the IRS had fewer than 10,000 revenue agents was 1953, when the economy was a seventh of its current size."

if people are bribing congress members and other enforcement agents they should all be prosecuted. Is that not happening?

why did obama and xiden slash it during that time period they were in office?

i have no problem with audits, but that’s not what was suggested. We have audits already. obviously the wealthy are audited more since they are paying more in taxes and have more complex reporting

as far as the unproductive…i don’t think they should be targeted any differently…unproductive to whom? who measures that?

 

[georgephillip]

Does that make you upset with wealthy people or something? Why not MYOFB and work to reduce your own tax burden?

What role does government play in private wealth creation? Markets, money, and corporations are all creations of the state. The distribution of income and wealth depends on the politically constructed laws and institutions that structure economic activity. Wealthy people hire lobbyists to write new laws that enable them to avoid tax audits thereby costing the US $163 billion every year. Anyone who isn't upset with wealthy people isn't paying attention.

New report reveals true cost of the wealthy’s tax evasion — and it’s no joke

 

[Wild Bill Kelsoe]

are you for real? Did you just arrive from a different planet?

Do you really think that wealth does not bring with it special treatment?

Sure it does. Just look at the special treatment politicians get.

 

[struth]

What role does government play in private wealth creation? Markets, money, and corporations are all creations of the state. The distribution of income and wealth depends on the politically constructed laws and institutions that structure economic activity. Wealthy people hire lobbyists to write new laws that enable them to avoid tax audits thereby costing the US $163 billion every year. Anyone who isn't upset with wealthy people isn't paying attention.

New report reveals true cost of the wealthy’s tax evasion — and it’s no joke

i’m not sure where in his quote he said govt doesn’t play a role.

Unions hire lobbyist to create laws to benefit them as well.

The wealthy pay the taxes…why not be upset at the folks that don’t pay taxes…or the special interest groups that pay lobbiest to push laws creating more dependence of govt? if more people were paying taxes instead of the few that already are carrying the burden we’d be making more in revenue

 

[maybelooking]

I do not know about the left, but what is distributing to me is I pay a much higher percent of my income in taxes than the reallllly wealthy folks do.

so does that mean the wealthy pay too little? or you pay too much?

 

[georgephillip]

if people are bribing congress members and other enforcement agents they should all be prosecuted. Is that not happening?

Currently the government serves bankers and bondholders by acting as their debt collector, so it's a little hard to imagine why elected Republicans and Democrats would be concerned about a deficit of IRS auditors. since that would adversely affect their campaign donations.

90% of Americans are indebted to the other 10%, and both major parties serve the interests of the ten percent at the expense of the majority.

 

[georgephillip]

i have no problem with audits, but that’s not what was suggested. We have audits already. obviously the wealthy are audited more since they are paying more in taxes and have more complex reporting

Because audits of wealthy taxpayers are so much more complicated than those of wage earners, slashing IRS budgets ensures middle class taxpayers will have their returns examined far more frequently than the richest one percent.

How the IRS Was Gutted

"The IRS conducted 675,000 fewer audits in 2017 than it did in 2010, a drop in the audit rate of 42 percent. But even those stark numbers don’t tell the whole story, say current and former IRS employees: Auditors are stretched thin, and they’re often forced to limit their investigations and move on to the next audit as quickly as they can."

 

[georgephillip]

why did obama and xiden slash it during that time period they were in office?

Because Democrats depend on the richest ten percent of their base just as much as Republicans for campaign donations; however, no one protects the rich as fervently as Mitch McConnell:

Read the letter top conservatives looking to slash IRS funding are sending to McConnell in effort to kill Biden's bipartisan infrastructure deal

 

[georgephillip]

as far as the unproductive…i don’t think they should be targeted any differently…unproductive to whom? who measures that?

It can be measured by the distinction between earned and unearned income:

The inversion of Classical Economics | Michael Hudson

"...'Adam Smith long ago remarked that profits often are highest in nations going fastest to ruin. There are many ways to create economic suicide on a national level. The major way through history has been through indebting the economy. Debt always expands to reach a point where it cannot be paid by a large swathe of the economy. This is the point where austerity is imposed and ownership of wealth polarizes between the One Percent and the 99 Percent.'"

 

[Harpy Eagle]

so does that mean the wealthy pay too little? or you pay too much?

We all pay too little. We are 29 trillion dollars in debt and nobody will vote for anyone that is willing to cut spending. It is immoral to keep living this way.

 

[struth]

Currently the government serves bankers and bondholders by acting as their debt collector, so it's a little hard to imagine why elected Republicans and Democrats would be concerned about a deficit of IRS auditors. since that would adversely affect their campaign donations.

90% of Americans are indebted to the other 10%, and both major parties serve the interests of the ten percent at the expense of the majority.

oh no, trust me the Govt makes sure you pay taxes....they certainly don't have a problem prosecuting

 

[BertramN]

Republicans in Texas and elsewhere would like to end government oversight of wealthy individuals, but such oversight is actually popular, so, to win elections, officials have ginned up their base with wedge issues like a fictional fetal "heartbeat" bill.

Who gets richer from that?

South Dakota and Nevada play large role in Pandora Papers tax avoidance leak

"One of the most 'troubling revelations' for the U.S. was the role of South Dakota, Nevada and other states that have adopted financial secrecy laws that 'rival those of offshore jurisdictions' and demonstrate America’s 'expanding complicity in the offshore economy,' said the Washington Post, one of the ICIJ’s media partners.

"A former vice president of the Dominican Republic finalized several trusts in South Dakota to store his personal wealth and shares of one of the country’s largest sugar producers, the paper said."

The wealthy must be given every opportunity to avoid taxation. The government should not try to find new ways to tax them, as the progressives constantly suggest, but find new ways to protect the wealth of this special and privileged segment of society.

The people who should be paying much more to live in our great nation are those who are taking wages from the special and privileged, but doing inferior work. Such employees include the vast majority of American workers. Their grievous lack of appreciation shown to the benefactors employing them, and the nation that permits their citizenship has forced these United States into a debt of multi-trillions-of-dollars.

It is the 99.9% that should see massive tax increases to support the military that defends their freedom and the government that provides the many other services these 330 million freeloaders take for granted.

On the other hand, the prosperity the 0.1% has been achieved through their individual genius, so, their wealth must be protected at all costs.

All truly patriotic Americans understand this reality, and have ever since the Reagan administration.




.

 

[maybelooking]

We all pay too little. We are 29 trillion dollars in debt and nobody will vote for anyone that is willing to cut spending. It is immoral to keep living this way.

how much extra you sending in this year? if you feel you aren't paying enough, get on it!!!!!

 

[Harpy Eagle]

how much extra you sending in this year? if you feel you aren't paying enough, get on it!!!!!

**** that, there are too many freeloaders like you in the country that are more than happy to **** over the next generations. I am not going to cut off my nose just to spite people like you.

 

[maybelooking]

**** that, there are too many freeloaders like you in the country that are more than happy to **** over the next generations. I am not going to cut off my nose just to spite people like you.

Wow....I ask a simple question and get attacked. Struck a nerve I suppose.

Freeloader my ass. Ive worked harder in my lifetime than most so you can stick that up your assk.

Lead by example or be exposed as the complete fraud/hypocrite you are!!!!! Bravo.