Tax cheating is breaking the law. By using those words Sen Warren is creating the divisive perception she seeks. Nobody should get away with tax cheating, but most Americans do to one extent or another. The point is there is a big difference between tax fraud and trying to minimize taxes by leveraging the incredibly complex tax code.
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She may be referring to this…
“Tax cheats cost the U.S. $1 trillion per year, I.R.S. chief says.”
New York Times Sept8, 2021
“The United States is losing approximately $1 trillion in unpaid taxes every year, Charles Rettig, the Internal Revenue Service commissioner, estimated on Tuesday, arguing that the agency lacks the resources to catch tax cheats.”
“Mr. Rettig attributed the growing tax gap to the rise of the $2 trillion cryptocurrency sector, which remains lightly regulated and has been an avenue for tax avoidance. He also pointed to foreign-source income and the abuse of pass-through provisions in the tax code by companies.
The size of I.R.S.’s enforcement division has declined sharply in recent years, Mr. Rettig said, with its ranks falling by 17,000 over the last decade.”
Not just loopholes.
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Okay, substitute unethical for illegal, in your comment. Just because there is a tax loophole, should incredibly wealthy and successful corporations spend vast amounts to squeeze through them, or should they be good citizens and pay their fair share? Not asking for a friend, because like the vast majority of everyday filers, I have never had any loopholes to crawl my way through. And yes, I have worked hard 60+ hours a week most of my life, and never benefited from a single loophole.
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Do you have a 401k or IRA, HRA, HSA, FSA, pay employer premiums on a pre-tax basis? Receive child tax credits or tax extra exemption as a senior? Millions of American do. All tax “loopholes” and available to only some Americans. IRS says about 84% of all tips go unreported.
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Not to pile on here or to be mean because this site encourages friendly discussions but, you never have claimed mortgage interest or the individual or standard deductions? Or do you just reported your gross income and pay the tax rate for that amount instead and skip all the other lines in between?
I don’t know about you but I take every legal deduction that I am entitled to take. I’ll admit it. I do not blame any company or individual doing the same. If you download Title 26 .pdf, the Internal Revenue Code from the USCODE.HOUSE.GOV/DOWNLOAD/DOWNLOAD, it is now 6688 pages. If you want everyone to pay their fair share, get rid of about 6000 pages of tax code.
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Why can’t anybody tell me what their “fair share” is? Who defines that? Obviously anyone who doesn’t like businesses who do supply all the jobs in this country.
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