Laura Hale vented her displeasure at Rep. Amodei vote in the reprogramming of $14.5 billion from the IRS to support Israel. Hale screeches, we are not supporting Ukraine, and the bill will fail with a divided legislative branch. Hale has fallen for the “siren call" of the left's mantra of tax fairness. Allegations that higher-income earners don't pay their "fair share" of taxes are a mainstay misrepresentation of the political left. Is it no more than an excuse to tax them more to line others' pockets?
President Biden's budget proposal for FY2023 provision for the “Billionaire Tax” was to reduce income inequality and shrink the deficit. This “Billionaire Tax” affects households with a net worth exceeding $100 million. It imposes a tax rate of 20% of their gains, including appreciation in value of assets not yet sold. The hiring of 80,000 IRS agents to effectively audit what – 1,600 individuals who may have failed to pay $400 million in back taxes?
This myth espoused by the left that raising taxes will close the budget deficits. What about the bottom 40% of income earners who benefit from the tax code? They pay negative income tax rates because of refundable credits, such as the Child Tax Credit and the Earned Income Tax Credit (EITC)?
I support Ukraine, but where is their audit? Paying Ukrainian salaries isn't military aid.
Drew Runde
Carson City