The wealthiest Americans evade $175 billion in taxes every year. President Biden has plans to raise taxes on the rich – but is making them pay their fair share even possible?
For years, billionaires have under-reported their income or paid to find loopholes to lower their tax bills, even though tax rates on the rich are at HISTORIC lows.
VOA news reported that the IRS is underfunded, and that’s why they aren’t going after billionaires. But this excuse couldn’t be further from the truth.
The IRS received almost $12 billion in funding this year – a multi-million dollar increase from 2020.
If they don’t have funding to investigate the wealthy, why do they have plenty to go after Black people in Mississippi – the most heavily audited people in America?
The IRS claims to be 100% racially unbiased, but the facts don’t lie. They’re auditing poor Black Southerners more than the wealthy. This destroys many Black people’s chance at earning wealth. In our government, money talks. Is that why white wealth is so heavily protected?
Their “lack of resources” hasn't stopped the IRS from upholding a racist tax system. The greed of the wealthy disrupts our ability to attain the American Dream. It makes it nearly impossible for Black families to build wealth!