RICH CONTINUE TO INFLUENCE TAX SYSTEM
February 4, 2022 - Douglas Myser
Rich continue to influence tax system. Ever since the Panama Papers, followed by the Pandora Papers, showed that the world's rich, including sports figures, politicians, celebrities, many from the United States, were all gaming the system, by hiding money in offshore accounts to avoid the taxman, we have heard the politicians and rich all line up against increasing the number of workers at the IRS, an agency whose workload has gone up tremendously over the last decade, while its funding has dwindled. The public opinion changed during Covid, when the obvious need for government intervention, to prevent widespread business failures and throwing thousands onto the streets, , yet the rich and their paid for politicians didn't stop the propaganda about not wanting to fund the IRS. Rich continue to influence tax system.
President Biden has proposed hiring 87,000 new Internal Revenue Service workers over the next decade. Rep. Lauren Boebert criticized the increase in employees, saying it was to monitor billionaires. In contrast to that, Elon Musk, the second richest person in the world, said the IRS already had an adequate audit team for high net worth individuals, and that it was for everyone else. Elon Musk paid no federal income taxes in 2018, the same year he became the world's second richest person. He certainly won't need Tax Resolution Services in the future.
Under President Biden's proposal, the IRS would hire nearly 87,000 new workers over the next decade in an effort to close the "tax gap" by collecting unpaid taxes owed by large corporations, partnerships, and wealthy individuals. According to the Treasury Department, the tax gap--the difference between taxes owed to the federal government and what is actually paid--will rise to more than $7 trillion over the next decade, or roughly 15% of all the taxes owed. Given rising budget deficits, the need to re-invest in Social Security and Medicare, and pay for increased Defense Department needs, having those extra funds is essential to the orderly functioning of our society.
If you have a "tax gap" and cannot pay the IRS, we can help. Our Tax Resolution Company is a leader among Tax Resolution Companies and will file any back taxes, then determine your Tax Relief options in the IRS tax code, including the IRS Fresh Start Program and options not found in that program. Our firm is Nationwide and our Tax Resolution process is stress free for you. Call so you can stay in front of the IRS and not have to dela with a IRS Wage Garnishment or Bank Levy. Call for a free Tax Resolution Services consultation. 1-888-689-7861