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The Progressive

NewsWire

A project of Common Dreams

For Immediate Release
Contact:

Sam Quigley, sam@patrioticmillionaires.org, 202-446-0489

"We Need to Increase Funding for the IRS so That They Can Hold Tax Cheats Accountable"

“This should be an easy decision to make, an increase in enforcement funding will quite literally pay for itself."

WASHINGTON

Today, as the House Ways and Means Committee meets to address the "tax gap," the $400 billion difference between what taxpayers owe the federal government and what they pay on time, Morris Pearl, Chair of the Patriotic Millionaires and former managing director at BlackRock, Inc., issued the following statement:

"One cause for the growing inequality in our nation is that the tax rates for wealthy investors are already lower than they should be, especially after the Trump tax cuts. Unfortunately, some people -- mostly wealthy business owners -- don't even pay the taxes that they are legally required to pay. Part of the reason for that is that the IRS funding has been cut, so that while it is easy to match up someone wages from their W2, it is much more difficult for the IRS to verify that business people are properly calculating their taxable income.

We need to increase funding for the IRS so that they can hold tax cheats accountable. This should be an easy decision to make, an increase in enforcement funding will quite literally pay for itself. This is such obviously good policy that it seems the only reason any lawmaker would resist is to protect criminal tax evaders who have a financial interest in keeping the IRS as weak as possible."

The Patriotic Millionaires is a group of high-net worth Americans who share a profound concern about the destabilizing level of inequality in America. Our work centers on the two things that matter most in a capitalist democracy: power and money. Our goal is to ensure that the country's political economy is structured to meet the needs of regular Americans, rather than just millionaires. We focus on three "first" principles: a highly progressive tax system, a livable minimum wage, and equal political representation for all citizens.

(202) 446-0489