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It made the news for a few days and then was buried. The Billionaire Club pays next to nothing in taxes… and gets away with it… while the government cracks down hard on low income wage earners.
Indeed, Plantation workers in Slavelandia USA who earn less than $25,000 annually, have an audit rate that is 50 percent higher than the overall audit rate. And, as the non-profit news organization ProPublica reported last week, 25 of the wealthiest people in America have, for some time now, paid little in income tax.
From 2014 to 2018 these individuals, billionaires including Jeff Bezos of Amazon.com, Warren Buffet of Berkshire Hathaway, Michael Bloomberg of Bloomberg L.P. and Elon Musk of Tesla Motors and power broker George Soros, paid a total of $13.6 billion in individual income tax, at a time when their collective personal wealth increased by $401 billion.
A “Data Release Crime”
But while that was the big news, the Biden Administration attacked the release of the information and has sent out the government agencies to find the whistleblowers for leaking/hacking the data. They noted that individual tax records are supposed to be protected from prying eyes, and the release of the billionaires who don’t pay much in tax data constitutes a crime.
So upset is the administration over the leak, that the U.S. Treasury Department, now headed by former head of the Federal Reserve Banksters, Janet Yellen, has requested federal law enforcement agencies to find out who was responsible for the disclosure of the fact that some of America’s billionaires paid little to no income taxes.
Barely mentioning a word of the real criminality of the rich getting a free tax ride while the IRS cracks down on We the Little People of Slavelandia, White House mouthpiece, Jen Psaki said that “any unauthorized disclosure of confidential government information” is illegal.
Biden BS
President Joe Biden says he wants to tax the rich and his tax plan claims to address income inequality in part by undoing President Trump’s tax cuts while raising marginal income tax rates.
But as a New York Times article points out, increasing income tax by 2 percent or even by ten percent, will have little effect on the wealth of people like these 25 billionaires, which is why Sen. Elizabeth Warren (D – MA) and others have called for a wealth tax of 2 percent of all holdings over $50 million, including homes and yachts that have been considered investments.
Biden & Co. aren’t keen on a wealth tax, considering it “unworkable,” but the Biden tax plan does call for $80 million in increased funding for the IRS, enabling the agency to better pursue the low income tax cheats, and proposes an increase in the capital gains tax for people making more than $1 million.
Those changes, however, are sure to snag more “little people,” who are more likely to “fudge” on their taxes rather than retain tax consultants to help them exploit legal loopholes, and because that $1 million threshold doesn’t begin to put anyone near that “super-rich” category.
TRENDPOST: Back in Sept. 2020 we addressed the notion of “income inequality” and told of how beneficial the COVID War had been for the fortunes of the richest Americans: “INCOME INEQUALITY: OFF WITH THEIR HEADS 2.0.”
Finding and exploiting those loopholes is a whole industry, as we reported in our 30 March article, “BILLIONAIRES BEAT TAXES: LITTLE PEOPLE PAY.”
Thus, as we have continued to forecast, the rich keep getting richer, the Bigs keep getting bigger, and the masses pay the price.