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Dear John,
The IRS is set to receive its largest funding increase in years thanks to the Inflation Reduction Act.
You know who should be worried about this? Wealthy Americans who dodge taxes!
Our latest video explains how additional IRS funding will help the agency go after the richest Americans who skimp on their taxes.
Recent figures estimate that the richest 1 percent are hiding more than 20 percent of their earnings from the IRS, accounting for more than a third of all unpaid federal taxes. Some estimates show that collecting all unpaid federal income taxes from the wealthiest Americans could generate anywhere from $200 billion to $1.75 trillion over the decade.
So why hasn’t our government been able to collect all that untaxed money from the richest of the rich?
Because the IRS has been underfunded and severely understaffed – thanks in large part to a decades-long campaign from Republicans to transfer wealth to the top.
Without proper resources, it’s harder for the IRS to go after the wealthiest Americans who already don't pay their fair share. As a result, just 2% of the richest Americans had their taxes audited in 2019, down from 16% in 2010.
When the IRS can’t function properly, all taxpayers aren’t off the hook evenly – and the result is a tax system stuck in a cycle where the working class bears the brunt while the rich hoard wealth that could be used to invest in America.
So, don’t believe the lies coming from the oligarchs and their propaganda machine – it’s all fear-mongering. The 1% have an incentive to keep the IRS hobbled and unable to excavate their hidden wealth.
IRS funding is a good thing. It means the agency can finally go after the real freeloaders in America: The super-rich.
Thanks for watching,
Robert Reich
Inequality Media Civic Action
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