Consider This from NPR ProPublica's 'Secret IRS Files' Unveil How Richest Americans Avoid Income Tax
Jun 11, 2021
Privileged tax strategies of America's ultra-wealthy are laid bare thanks to ProPublica's groundbreaking IRS data leak. Discover how billionaires like Jeff Bezos and Elon Musk manage to pay little to no income tax while average citizens bear the burden. The discussion delves into the fairness of the tax code and proposed reforms by lawmakers like Senator Ron Wyden. Additionally, historical insights into the income tax reveal just how significant the disparities really are. It's a revealing exploration of wealth, equity, and society's financial obligations.
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Patriotic Taxpaying
- During World Wars I and II, paying income tax was promoted as a patriotic act.
- The Treasury Department even commissioned a song by Irving Berlin to encourage tax payments.
Unpopular Income Tax
- The income tax has historically been unpopular, even being ruled unconstitutional in 1895.
- It was only through a constitutional amendment (the 16th) that the income tax was permanently established.
McComer Case
- In 1916, Myrtle McComer challenged the taxation of stock dividends, arguing it wasn't income.
- The Supreme Court agreed, establishing a precedent that unrealized gains are not taxed.