Report: Democrats Scramble to Invent Fresh Methods of Leveraging the IRS Against Americans
Wendell Husebø 27 Oct 2021
Democrats are scrambling Wednesday to invent fresh methods of leveraging the IRS against Americans. A wealth tax and 15 percent global minimum tax are under consideration, along with a provision that allows the IRS to spy on American bank accounts.
The first tax Democrats are weighing is a 15 percent corporate minimum, which would reportedly burden 200 companies with “profits” above $1 billion. Sens. Ron Wyden (D-OR), Elizabeth Warren (D-MA), and Angus King (I-ME) have proposed the measure. Apparently Sens. Joe Manchin (D-WV) and Kyrsten Sinema (D-AZ) approve of the plan.
“The trio said the Joint Tax Committee had estimated it could raise up to $300 billion to $400 billion over a decade, but no formal scoring was issued,” Punchbowl News reported. Wyden said his 107-page plan “would ensure billionaires pay tax every year, just like working Americans. No working person in America thinks it’s right that they pay their taxes and billionaires don’t.”
The second tax Democrats are considering is a wealth tax on assets that go up in value but have not been sold. For instance, if the value of a stock goes up, tax payers would pay a percentage of the increased value to the IRS. If the tax scheme is not enacted, some Democrats estimate the IRS will not be able to collect an extra $250 billion.
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https://www.breitbart.com/politics/2021/10/27/report-democrats-scramble-invent-fresh-methods-leveraging-irs-against-americans/
