Tax Day is upon us again, and in a celebratory mood at the swearing-in ceremony of new IRS Commissioner Danny Werfel, Treasury Secretary Janet Yellen touted the arrival of a better day for U.S. taxpayers. No, it’s not lower taxes, though that would surely be something to celebrate. It’s about plans…
Tax Day is upon us again, and in a celebratory mood at the swearing-in ceremony of new IRS Commissioner Danny Werfel, Treasury Secretary Janet Yellen touted the arrival of a better day for U.S. taxpayers. No, it’s not lower taxes, though that would surely be something to celebrate. It’s about plans to use an additional congressional $80 billion over the next 10 years to fund more effective IRS agents, more audits, and, yes, to raise more tax revenue from the same herd of taxpayers.
Now, behaving like any other monopolist, Yellen is ready to raise prices and maximize profits . Yellen puts it differently, stating that “companies will be incentivized to keep jobs and headquarters at home. And rather than tax havens keeping the profits of U.S. companies, those profits can instead flow back to the United States, allowing us to further invest in our infrastructure, our economy, and our people.
For example, we know that citizens must wait months to get a new passport, that hundreds of thousands of refugees are caught at our borders waiting for asylum petitions to be heard, and that special COVID-inspired food and healthcare subsidies are being phased out.
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