In the tax system we have, billionaires can bank their accumulating gains tax-free and deploy tax losses to wipe out whatever taxable income they might have.
Congress larded the tax code with these sorts of provisions on the logic that what’s good for businesses is good for the economy. Often, the evidence for this broader effect is thin or nonexistent, but you can be sure all this is great for business owners. The Brookings study found that households worth $10 million or more benefited the most from being able to make income disappear.
This basic divide is also apparent in how tax laws are enforced. To the IRS, the average worker is an open book, since all their income is disclosed on those W-2s and 1099s. Should they enter an errant number on their tax return, a computer at the agency can easily catch it. . Thousands of skilled auditors like her have left, not to be replaced. Audits of the wealthy have plummeted. Business owners have still more reason to be bold.
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