REPORT: Meet the 21 Millionaires in Congress That Have Gutted The IRS To Protect Their Own Wallets—Costing the Nation $1 Trillion Every Year
WASHINGTON, D.C. — As new reporting reveals that the richest 25 Americans collectively worth over a trillion dollars have paid a true tax rate of only 3.4%, government watchdog Accountable.US released a new analysis finding that at least 21 millionaires in Congress have helped severely weaken the IRS’s enforcement capacity, which likely reduced their own exposure to tax audits.
“For a poor spectacle of members of Congress acting in their own personal financial interest, look no further than millionaires that want to eradicate the IRS. The selfishness of the millionaire’s caucus that resists any attempt at a fairer tax system has come at tremendous cost to the public interest and the economy,” said Kyle Herrig, president of Accountable.US. “The question for millionaire lawmakers who think tax enforcement is for the birds despite a trillion dollars in lost revenue every year—what do they have to hide?”
In April, IRS Commissioner Rettig estimated that tax cheats are costing the U.S. $1 trillion a year as audits are in steep decline for the richest Americans—due in large part to extreme IRS staffing shortages following repeated Republican-initiated budget cuts. Accountable.US found that many of the same millionaire Republican lawmakers that contributed to this problem and likely benefit personally from maintaining the broken status quo are also leading the opposition to the Biden administration’s proposals to fix it.
- Senator Mitch McConnell, Who Is Worth Approximately $35 Million, Once Fundraised On A Promise To “Virtually Abolish The IRS.”
- Senator Jerry Moran, Who Was Worth Approximately $1.7 Million In 2018, Authored A 2016 Op-Ed Touting The Possibility Of Abolishing The IRS Through “Comprehensive Tax Reform.”
- Senator Ted Cruz, Who Was Worth Over $3 Million In 2018, Has Repeatedly Called For Abolishing The IRS And Called The Destruction Of The Agency The “Single Most Important Tax Reform.”
- Rep. Michael McCaul, Who Is Worth Approximately $113 Million And Made Headlines For Using The Most Water Of Any Residential Property In Austin, Co-Sponsored Legislation To Eliminate Income Taxes And Abolish The IRS In 2015.
- Rep. Earl “Buddy” Carter, Who Was Worth About $33 Million In 2018, Co-Sponsored Legislation To Repeal The Income Tax And Abolish The IRS Three Times Before Introducing His Own Version Of A Bill To Abolish The IRS In 2021.
# # #