One of the many things the Biden administration wants to do is increase the IRS enforcement budget so that it can persecute tens or hundreds of thousands more taxpayers each year in their rapacious desire to punish the rich. (Remember: according to the new liberal dogma of “Modern Monetary Theory”, we can borrow and spend whatever we want without consequences, so there is no reason to raise taxes on anyone. “Punitive Liberalism” – the big phrase by James Piereson – is the only explanation for that.)
So ProPublica’s success story on super-rich taxes should raise not only eyebrows (for its economic illiteracy), but a major Justice Department investigation into how ProPublica came into possession of allegedly private IRS data and reserved on taxpaying individuals.
Let’s briefly review what ProPublica reports:
ProPublica He obtained an extensive collection of Internal Revenue Service data on the tax returns of thousands of the nation’s wealthiest people, spanning more than 15 years. The data provides an unprecedented glimpse into the financial lives of American titans, including Warren Buffett, Bill Gates, Rupert Murdoch, and Mark Zuckerberg. It shows not only their income and taxes, but also their investments, stock trades, gambling winnings, and even audit results. . .
You confidential tax documents obtained by ProPublica show that the ultra-rich effectively evade this system. [Boldface added.]
How did ProPublica “get” this data? The only suggestion is this:
ProPublica does not disclose how it obtained the data, that was given to us in raw form, without conditions or conclusions.
The passive voice is saying here. There are two possibilities: someone in the IRS leaked the data (a crime), or the IRS was hacked (which is less reassuring) and then the data was passed on to ProPublica. I go with possibility number one. Will there be an investigation into who leaked it? Will anyone in the White House press office ask Jen Psaki today (or tomorrow)? Will the Democrats on Capitol Hill hold hearings and get IRS staff to testify about this invasion of privacy? I’m not holding my breath for any of these results.
Let us now turn to the substance of the story. ProPublica confuses “income” with “wealth” in order to come up with this seemingly shocking table of the “real tax rate”, based on the ludicrous premise that a person’s total wealth should be taxed annually, not just their income:
Question: Are there any readers out there looking forward to paying taxes on increasing the value of your home and other fixed assets? Because if you think any wealth tax would be limited only to the super rich, I have a history of income tax that I would like to show you since it was first established and which is estimated to affect only a small percentage of Americans (ProPublica indeed reports this: “In 1918, only 15% of American households owed any tax”), and therefore at a rate that would never exceed 10%.
PS Also this from history:
One of the billionaires mentioned in this article objected, arguing that posting personal tax information is an invasion of privacy. We have finished that the public interest in knowing this information at this crucial moment outweighs that legitimate concern.
I believe that the public interest in knowing how private and confidential tax data were obtained from left-wing hyenas outweighs ProPublica’s sensationalist and retribution motives.
What are your thoughts on the story? Let us know in the comments below!