On tax day, it’s important to remember that
Joe Biden could RIGHT NOW end a massive Trump-created illegal tax loophole for the super-rich
— and he could do it with the stroke of his pen.
But…Biden has refused to do this.
Will Biden End An Illegal $50 Billion Tax Giveaway?
The IRS is sanctioning state laws allowing rich Americans to bypass the SALT cap and avoid billions in taxes, but a new Biden nominee could end the scheme.
On November 10, Biden appointed Daniel Werfel, who served under both Presidents Barack Obama and George W. Bush, to be the next IRS commissioner. Biden said in a speech on the 100th day of his administration that “[It’s] time for corporate America and the wealthiest 1 percent of Americans to just begin to pay their fair share. He added,“The IRS is going to crack down on millionaires and billionaires who cheat on their taxes.”
There has been little public scrutiny of this particular tax giveaway, likely in part because the loophole is highly technical and the tax code is rife with provisions benefitting the richest Americans. But Hemel says this giveaway stands out because it is clearly not sanctioned by Congress, and is costing the government far more money than other controversial loopholes for rich Americans.