Senator Ron Wyden criticized President-elect Trump’s proposed “External Revenue Service,” arguing it’s a deceptive tactic to mask massive tax cuts for the wealthy funded by increased taxes on families and small businesses. Trump intends to use tariff revenue, potentially collected by a renamed Treasury Department office, to offset the cost of extending 2017 tax cuts. However, analysis shows that resulting price increases from tariffs would outweigh the tax cuts for most Americans, benefiting only the wealthiest 5%. This proposal follows reports that Trump is considering a national economic emergency declaration to justify widespread tariffs.
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I am deeply troubled by the recent revelation that U.S. billionaires paid a lower tax rate than working-class Americans for the first time in our nation’s history. This alarming data point highlights the stark inequality and unfairness that plagues our tax system. The fact that billionaires can escape paying their fair share of taxes by living off their wealth in the form of stocks is simply unacceptable.
It is infuriating to think that the wealthiest individuals in our country can exploit tax loopholes and avoid contributing their fair share to society. While hardworking Americans struggle to make ends meet and pay their taxes, billionaires continue to amass vast fortunes without being held accountable for their contributions.… Continue reading
As the news of G20 ministers proposing a minimum 2% wealth tax for the world’s billionaires circulates, it sparks a crucial conversation on the fairness of wealth distribution and tax obligations for the ultra-rich. The idea of taxing the wealthiest individuals may seem like a straightforward solution to address economic disparities, but the implementation of such policies presents a myriad of challenges and potential consequences that demand careful consideration.
One of the primary concerns raised is the possibility of billionaires relocating to countries with more favorable tax environments, leading to a loss of revenue for their home countries. The case of France serves as a cautionary tale, where the implementation of the wealth tax resulted in a significant exodus of millionaires, ultimately leading to a net outflow of wealth and a negative impact on the country’s economy.… Continue reading
President Biden’s plan to push for corporate and billionaire tax hikes at the State of the Union address is a stark contrast to the tax policies implemented during the Trump administration. While some may call it tax hikes, I prefer to see it as tax restoration, bringing tax levels back to when they were more balanced and fair for everyone. It is essential to note that these tax increases are aimed at the wealthiest individuals and corporations, not the average American.
Raising the corporate tax rate from 21% to 28% is a step in the right direction, but one might argue that it should be restored even further to the pre-Trump level of 35%.… Continue reading
As I ponder the recent news of the IRS launching a crackdown on 125,000 wealthy ‘non-filers’, I can’t help but wonder about the implications of such a move. The idea that individuals, particularly those classified as wealthy, have been able to evade filing taxes for such an extended period is concerning, to say the least. It brings to light the disparity in tax compliance between various income brackets and raises questions about the effectiveness of our tax enforcement system.
The fact that Republicans have been actively working to slash IRS funding further adds to the complexity of the situation. It begs the question of whether there are underlying motives behind such actions and if they are in the best interest of the general population.… Continue reading
The recent announcement by the IRS that it will collect an additional $560 billion from rich tax cheats thanks to the Inflation Reduction Act is a significant development in the battle against tax evasion. As someone who believes in the importance of everyone paying their fair share, I am pleased to see the government taking steps to hold the wealthy accountable for their financial responsibilities.
It is disheartening to think that there are individuals who have been evading taxes for years, while the rest of us work hard to fulfill our obligations. The fact that audits of millionaires and billionaires have decreased due to the IRS’s lack of funding is alarming.… Continue reading
Taxes added to middle and lower class to pay for the huge cuts for the top 5%
It’s disheartening to see that many people still don’t understand how taxes work. I often hear misguided statements like, “I didn’t pay anything last year, I got money back.” It’s crucial to realize that a tax refund doesn’t mean you didn’t pay any taxes. It simply means that you overpaid throughout the year, and the government is returning the excess amount. However, with the current financial situation and the need for more funds, we need to get used to paying more taxes. The government requires money, and it has already been spent.… Continue reading
FTC Bans TurboTax from Advertising ‘Free’ Services, Calls It Deceptive
The recent news of the Federal Trade Commission (FTC) banning TurboTax from advertising its ‘free’ tax preparation services has garnered quite a bit of attention. As someone who has had personal experiences with TurboTax, I can’t help but feel a sense of vindication.
Like many individuals, I was enticed by the promise of free tax filing services from TurboTax. However, as soon as I started filling out my information, I quickly realized that the ‘free’ label was nothing more than a marketing ploy. TurboTax lured customers in with the promise of no-cost filing, only to hit them with additional fees once they reached the final stages of the process.… Continue reading
John Q. Hosedrinker 
Matt Underwood