Political Quotes

“Mr. President and colleagues, the Senator's proposal in effect would be a game-winning touchdown for wealthy tax cheats. IRS Commissioner Rettig, a Republican appointee, came before the Finance Committee earlier this year and said the total amount of taxes evaded each year could be as high as $1 trillion. Cheating by those at the very top is one of the major causes of that huge tax gap. A big reason why is that the automatic reporting and strict rules that apply to the typical, hard-working taxpayer--nurses and firefighters, for example--they don't always apply to those at the top. That means the tax cheats are able to hide their cheating in the shadows. The Senator's proposal would help them keep it that way. This proposal would make it extraordinarily difficult to collect the information necessary to crack down on the high-flying tax cheats. The argument against information reporting is always the same, and it has been consistently wrong. Despite what opponents say, what President Biden and Democrats have proposed is focused on rooting out tax cheating at the top. It wouldn't apply to accounts with deposits and withdrawals under $10,000. And for most people, that is $10,000 on top of your paycheck. It is not about anybody's transactions. They wouldn't be reported, colleagues. It wouldn't create any new surveillance of digital currency.…”