The purportedly efficiency-focused “Department of Government Efficiency” (DOGE), headed by Elon Musk and Vivek Ramaswamy, proposes drastic government cuts totaling $2 trillion. Their plan targets programs like veterans’ benefits and the NIH, while neglecting far larger sources of waste. Instead of addressing the Pentagon’s inefficiencies or the massive cost of wasteful tax breaks, DOGE’s focus appears to be on slashing essential services and privatizing government functions. Significant tax loopholes, such as those benefiting private retirement plans and capital gains, represent trillions in lost revenue and disproportionately benefit the wealthy.
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The proposal to raise the corporate tax rate to 28% by Kamala Harris is a step in the right direction. It is not about adding a new tax or being punitive towards businesses; it is simply about restoring a rate that was much higher in the past. Remember when companies used to be taxed at rates of 38-45%? Back in the days when America was deemed “great”? It seems fair that corporations should contribute their fair share just like the rest of us.
The issue at hand is not just about raising the corporate tax rate in isolation. It is about creating a global shift where all Western nations collectively raise their corporate tax rates to avoid companies engaging in ‘tax shopping’ and nations catering to them.… Continue reading
One billion dollars. That’s a hefty sum, no matter how you slice it. And the fact that the IRS has managed to collect this impressive milestone in back taxes from high-wealth taxpayers is certainly a cause for some reflection. It’s a step in the right direction, a small victory in the ongoing battle to ensure that those who have the means to contribute their fair share actually do so.
The Treasury’s proposal to crack down on partnership basis shifting, which could potentially bring in over $50 billion in revenue over the next decade, is a significant move. It sheds light on the various loopholes and mechanisms that some high-wealth taxpayers have been using to avoid paying their dues.… Continue reading
John Q. Hosedrinker