Talk about a double standard.
Talk about abuse of power.
Again.
Read MoreCommentary: Release Pelosi’s Tax Returns
Tag: Tax Returns
Court Rules Congress Can Obtain Trump’s Tax Returns One Day After Mar-a-Lago Raid
One day after FBI agents raided Donald Trump’s Mar-a-Lago estate, the D.C. Court of Appeals ruled on Tuesday that the Internal Revenue Service must hand over the former president’s tax returns to the House Ways and Means Committee.
Read MoreCommentary: Be Very Skeptical About Sen. Warren Throwing More Money at the IRS
Closing the “tax gap,” or revenue owed to the federal government that goes uncollected, has long been a favorite deus ex machina for lawmakers who want more revenue without having to raise rates. But Internal Revenue Service (IRS) Commissioner Chuck Rettig really put dollar signs in lawmakers’ eyes when he claimed the tax gap could be as large as $1 trillion. Always eager to appear knowledgeable on policy issues, Sen. Elizabeth Warren is putting forward a plan to collect extra revenue that only gets worse the deeper you dig into it.
First and foremost, it’s important to understand how far off on an island Rettig is with his estimate. The IRS’s last official estimate of the size of the tax gap placed it at a far, far lower $381 billion. Even considering that this estimate may not have factored in underpayment from cryptocurrencies, offshore holdings, and pass-through businesses, the tax gap still remains far closer to $500 billion than to $1 trillion.
Read More