Meaning. Elizabeth warrenElizabeth WarrenOvernight Energy: Democrats Seek To Counter GOP Attacks On Gas Prices | EPA: 11,000 facilities illegally dumped pollutants into nearby waters in 2018 | Warren Presses Army Corps of Engineers Candidate on Dakota Access Pipeline Postal Reform Should Work Better Warren Presses Army Corps of Engineers Candidate on Dakota Access Pipeline MORE (D-Mass.) And Sheldon White HouseSheldon Whitehouse Democrats reach agreement on 0.5 T price for infrastructure bill Supreme Court ruling opens door to more campaign finance challenges Supreme Court overturns rule of donor disclosure in California PLUS (DR.I.) on Wednesday asked the Senate Finance Committee to investigate tax avoidance strategies used by wealthy Americans, following a ProPublica report revealing that a number of US billionaires leading companies have paid little or no federal income tax in some years.
âThe finance committee has an obligation to investigate these matters, hold hearings and develop legislative policies that address the methods and strategies used by ultra-millionaires and billionaires to avoid paying taxes, as well. as their impact on the country’s finances and its ability to pay for investments. in infrastructure, health care, the economy and the environment â, the senators, both members of the finance committee, written in a letter to the chairman of the committee Ron WydenRonald (Ron) Lee Wyden Employers and health groups push Congress to pass drug pricing overhaul U.S. Conference of Mayors backs bipartisan infrastructure deal Most congressional committees get failure notes in terms of surveillance: PLUS analysis (Golden.).
ProPublica last month has started publishing a series of articles, based on confidential tax data obtained from an anonymous source, which detail how billionaires have paid little in federal income taxes in recent years, particularly in relation to their earnings from wealth.
âOne of the main conclusions of the ProPublica survey is that the vast majority of tax evasion is legal: the wealthiest individuals and families in the country are able to take advantage of loopholes and employ strategies to investment and income complex to avoid taxable income – while raising billions. of their investments and to live privileged lives that are beyond the imagination of most families, “wrote Warren and Whitehouse.
Warren and Whitehouse have called for part of a Finance Committee investigation to focus on the role financial institutions play in tax evasion of wealthy Americans, saying “access to huge lines of credit is a key element of these financial strategies “.
Senators said the committee should consider how lending activity can help individuals avoid claiming taxable income, and that if the panel deems it appropriate, it should hold a public hearing with senior officials of financial institutions.
“The use and potential abuse of tax evasion schemes by the richest Americans does not happen in a vacuum – it involves the nation’s largest financial institutions and wealth management firms helping to develop these tactics. and provide the financial infrastructure that allows them to be efficient, “Warren and Whitehouse said.
âBecause the majority of tax evasion loans and other tax evasion tactics go undisclosed to the IRS, an effective investigation into these tactics must involve the institutions that help and encourage them. “