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US Senator Warren said yesterday that the budget for the Internal Revenue Service (IRS) should be increased. That would allow tax audits for the wealthiest every three years as part of his proposal to require households with assets over $ 50 million to pay 2% annually.
100 U.S. HNWIs Pay $ 78 Billion Taxes-Warren’s Tax Increase
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Warren wants to almost double the IRS budget and will discuss with Treasury Secretary Janet Yellen how to tax these ultra-rich people.
In an interview with a podcast hosted by Bloomberg reporter Kevin Siriri, he said that if the IRS budget increases, the top 0.1% of 100,000 households will have a tax audit ratio of 30%. That’s it. “
The lawmaker’s bill on wealth tax includes a clause allowing increased funding for the IRS to tighten tax law enforcement. He estimates that the bill will generate a total of $ 3 trillion in government funding over a 10-year period.
Wealth tax can be a source of infrastructure and healthcare reform-US Senator Warren
It is unlikely that the bill will be deliberated in Congress soon. However, he said the idea itself is gaining public support.
news-rsf-original-reference">Original title:
Warren Backs More Audits for Rich as Part of Wealth Tax Plan(Excerpt)
