Biden has been demanding that the Rich pay the wealthy pay their fair share of the taxes. People are questioning what, according to him, is ‘fair.’ During his September 16 speech on the country’s economic situation and COVID-19, Biden dragged the wealth of the nation, saying that it is the top 1 % that do not file their taxes and calls it criminal evasion.
The way taxation works is that the working class has their taxes deducted from their salary, and the rest that they owe to the government is filed by themselves to the IRS. But those that own the million-dollar corporations in the country are the ones that do not file their taxes as they are not getting paid. They get their earnings through profits and then release the wages of their workers. According to the transcription of Biden’s address, he emphasized that the wealthy need to pay their taxes as the middle class does and that they are evading 160 Billion that they owe to the government each year. If we look at how exactly they are getting out of paying taxes, there are two ways. One is the legal way of using the tax code intelligently, and the other is by simply not filing the tax to the IRS, which is an illegal and a criminal act. Biden stated that the wealthy are going for the latter and are criminally evading the dollars that they owe to the state.
Before proposing his big plan, Biden said that the wealthy owe money because they are criminally cheating. So his big plan is to provide the IRS with the resources to keep in touch with the lawyers and accountants of the Super Rich and get two-piece information from the banks of these folks to track their economic activity, regarding cash inflow and outflow, so the wealthy are unable to hide their finances. The money they owe defending that hiding taxable income is a crime.
If Biden gets his way with his plan, it will be the modern-day fascist dictatorship. Accessing the bank accounts of any class of the nation, be it the wealthy, is overstepping the jurisdiction of a democratic state. There is no way his plan is going forward because he first needs to clarify his bank records and the company Biden and his wife started to hide his own taxable money.