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Why is it so hard to tax billionaires? (Part 1)
Oct 18, 2024
Jesse Eisinger, a Pulitzer Prize-winning journalist from ProPublica, and Molly Mitchell Moore, a history professor at Washington and Lee University, dive into the shocking revelation that billionaires can pay zero dollars in federal taxes. They discuss the complexities of tax reporting for the wealthy and how financial journalism plays a crucial role in exposing these issues. The conversation also explores the historical evolution of income tax in America, highlighting past struggles against wealth inequality and the challenges of reforming the current tax system.
52:24
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Quick takeaways
- The significant challenges in taxing billionaires stem from IRS complexities and a system that disproportionately audits lower-income individuals.
- Leaked tax data reveals stark disparities in actual taxes paid by billionaires compared to their wealth, highlighting systemic exploitation of loopholes.
Deep dives
The Challenge of Taxing the Wealthy
Taxing billionaires presents significant challenges due to the complexities of the IRS and tax code. A major issue revealed is that the wealthy are often less likely to be audited compared to lower-income individuals, with statistics indicating that those earning $20,000 to $30,000 are audited more frequently than those making $500,000. This discrepancy suggests that the IRS has been systematically defunded, undermining its ability to monitor and investigate high-income earners. Consequently, this results in a system where the ultra-wealthy can exploit loopholes and evade taxes, contributing to growing income inequality.
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