A new report just revealed a huge tax evasion trend among the ultra-wealthy. Outrageously, the RICHEST Americans don’t report 21% or more of their income! This spells trouble for you and I. How come?
By using sneaky loopholes like “off-shoring,” “pass-through businesses,” and other blatantly evasive practices, wealthy individuals and corporations hide money they should be paying taxes on. That tax money could be solving issues like food insecurity, homelessness, and national infrastructure problems. So why are they getting away with it?
Instead of enforcing tax law on the rich, The Internal Revenue Service (IRS) instead audits low-income Black areas the MOST – Mississippi is hit the hardest! What? An astounding $1.4 TRILLION is going undetected and untaxed. How do we get that money back?
Recently, “Rep. Ro Khanna (D-Calif.) introduced legislation … so the [IRS] can more closely examine and crack down on tax evasion by the richest Americans,” reported Common Dreams. Among other things, the bill would “require audits of the richest individuals and corporations, and implement more strict income reporting requirements.” Sounds like a start.
Ultimately, we must advocate for a system that provides greater scrutiny of ways the wealthy hide their money. Don’t let anyone ever tell you investments in Black issues are “too expensive.” The money’s there – they just have to make the rich pay their fair share!