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In reply to the discussion: Biden proposes doubling IRS workforce as part of plan to snag tax cheats [View all]TexasBushwhacker
(20,188 posts)22. Sure! But tax ALL income
That means all income would be subject to Social Security and Medicare taxes.
That means long term capital gains will be taxed as regular income AND subject to Social Security and Medicare taxes.
Th thing is, tax rates are only part of the problem. It's the deductions. Also, international corporations are able to deduct the taxes they pay in other countries from their US tax, even to the point of getting REFUNDS. I say no free lunch. If you do business in the US, there should be an Alternative Minimum Tax just like there is for personal income tax.
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Biden proposes doubling IRS workforce as part of plan to snag tax cheats [View all]
DonViejo
May 2021
OP
Don't the wealthy pay a much smaller % of their income than lower incomes due to all the loopholes?
MichMan
May 2021
#43
It's about time. The IRS has been understaffed and overworked for years
yellowdogintexas
May 2021
#2
I had an old friend a long time ago that was an auditor for the IRS. Even was on the audit team for
LiberalArkie
May 2021
#13
That's my hope (and fear). I do know Joe is aware that the little guy is getting slammed
soothsayer
May 2021
#27
That's fine but I hope they will be going after the fat cats who are the biggest
airmid
May 2021
#28
I'm extremely curious as to how this plan will poll with the general public. n/t
PoliticAverse
May 2021
#36