Lone Candle
Champion of Truth
The US loses 100 billion dollars a year due to corporate tax avoidance where corporations pretend like their profits came from low tax areas like the small island country of Malta. This is about equal to the budget of the food stamps program. It’s about equal to how much Medicaid spends on children’s healthcare. The Biden administration was trying to alleviate this, but Trump ended attempts to do so.
https://www.youtube.com/watch?v=Y9vcKFX2V2I
Why Is It So Hard To Tax Billionaires?
There are a hell of a lot of games and loopholes. And, Congress won’t do shit about it.
https://www.youtube.com/watch?v=E308lijSQv0
“The Trump administration signaled a plan Friday to revoke a two-year-old tax rule designed to crack down on an arcane but highly lucrative tax avoidance tactic used by some of the largest and most complicated businesses.
If enacted, the Trump administration’s proposal would mean that large business partnerships no longer need to tell the IRS when they shift assets from one corporate entity to another. Those transactions, called “basis shifting,” have allowed businesses to dodge tens of billions of dollars in taxes, the Treasury Department alleged in the past, by illegally depreciating the same asset over and over again.
…
the IRS workforce has shrunk drastically under Trump. In the first months of his term, more than a quarter of the agency took buyout offers or otherwise left their jobs.”
https://finance.yahoo.com/news/trump-moves-undo-tax-rule-204632497.html