AMAC Exclusive
Earlier this month, left-wing internet publication ProPublica revealed that it had obtained “a vast trove of Internal Revenue Service data on the tax returns of thousands of the nation’s wealthiest people, covering more than 15 years.” The data, the outlet explained, includes “not just their income and taxes, but also their investments, stock trades, gambling winnings and even the results of audits.”
The extraordinary violation raises a host of questions – including who exactly was willing to break the law to disclose the confidential financial records of thousands of private citizens, why they did so, and whether this breach indicates a larger problem of politicization at the IRS.
As many commentors noted, the timing of the unprecedented leak was highly suspicious, coming as it does as Joe Biden and Democrats in Congress push to raise taxes on Americans by making the case the “wealthy” do not pay their “fair share.”
ProPublica claims they intend to use the data to release a series of articles over the next several months revealing, in detail, the personal filings of many Americans. Presumably this will be in the service of the larger political point being made by the Biden administration.
Last week, Treasury Secretary Janet Yellen professed deep concern over the release of these confidential tax returns. She referred to the matter as “a very serious situation” and revealed that it was being investigated by the Treasury Department. Both sides of the political aisle have called for probes to be immediately launched.
During a radio appearance on the Hugh Hewitt show earlier this week, Senate Majority Leader Mitch McConnell directly accused the IRS of being involved in the leak. He stated, “My guess is the IRS, somebody at the IRS leaked this in order to affect the tax debate and remind people that there are some very wealthy Americans…. But it’s important to remember we don’t tax wealth.”
McConnell also made it clear that any involved individuals would be facing serious legal consequences if caught. While there is no evidence yet that a member of the IRS was responsible for the leak, the agency’s record of politicizing the tax code is unfortunately well established.
In 2013, the IRS apologized after being caught targeting conservative organizations with intense scrutiny that often denied them tax exempt status for years at the height of the Tea Party movement. The agency was identifying conservative-leaning groups seeking non-profit status, and forcing them to disclose “donor rolls,” Facebook posts, and even “asked what books people were reading.” Groups that refused risked losing their protected status while even those that complied faced long delays and excessive scrutiny.
In the first release of its series based on the new leaks of individual tax returns, ProPublica alleges that the wealthiest Americans pay almost nothing in income taxes to the federal government. They accuse the wealthiest 25 Americans of only paying 3.4% in taxes. They also provide specific details of individuals, including Warren Buffet, who, they state, pays a tax rate of .10% percent. If true, this is a far cry from the 37% top marginal tax rate. However, many have raised questions as to ProPublica’s methodology and how they define wealth.
Last week, the Wall Street Journal blasted the organization’s analysis, citing major flaws in the report’s conclusions. The Journal points out that ProPublica is skewing the data by comparing the taxes paid by an individual to their total estimated wealth. This is how they arrived at the “3.4%” number. Taxes are based on an individual’s annual income, not their total wealth. In effect, ProPublica is attacking wealthy Americans for not paying a “wealth tax” that does not exist. A wealth tax was introduced in March by Senators Elizabeth Warren and Bernie Sanders but has not advanced.
Treasury Secretary Yellen has assured lawmakers on Wednesday that they will be kept abreast of any developments. Yet, she clarified that little progress has been made: “We’re only one week out on this, and I really want to emphasize we do not know what happened…don’t have any facts at this point.”
All this talk, by the various politicians named in this article, about getting to the bottom of who leaked all these IRS tax returns and “holding them accountable” will come to nothing. We’ve seen this show before back in 2012 and 2013 with Lois Lerner and the other members of the IRS that were tasked with targeting conservative groups by the Obama administration. No one was held accountable. Lois Lerner got to retire on her full pension of six figures a year, after having accomplished the main tasks assigned to her, and no one in the Obama administration faced the music. This latest abuse by the government will play out in a similar fashion.
When I read about Mitch McConnell and others promising to “get to the bottom of this”, what I hear at this point is the establishment Republican party will be fund raising off this in the coming days and months and holding a series of photo ops, speeches and even perhaps some useless dog and pony show committee hearings, if the Democrats allow it, that achieve nothing of substance. To all but a small handful in the GOP, this is just a campaign fund raising opportunity for 2022 and 2024. Nothing more. Aside from the House Freedom Caucus and one or two Senators, the rest of the establishment GOP in Congress is very transparent in their underlying motives.
For the career politicians, like Yellen, mentioned in this article, what they doing is issuing the obligatory “We will investigate this to the fullest” speech that is incredibly vague and making no commitments to accomplish anything. It’s a standard boilerplate public relations press release that she is reading from.
Of course these tax records were leaked by the IRS. As it is the sole repository where this volume of tax records are stored. The information is stored on secured servers and backup facilities within the IRS, that are only accessible by a limited set of IRS employees. I would say that it would take the DOJ and FBI very little time to ferret out those in the government that actually handed these tax returns over to ProPublica, but that would of course assume either the DOJ and FBI are actually doing a legitimate investigation into this matter. At this point, I have zero faith that either the DOJ or the FBI are devoting much, if any, time and effort to investigating this matter, as it would ultimately lead to the White House. The same place that directed the 2012-2013 efforts of Lois Lerner. So this story will be swept under the rug and quickly forgotten by the vast majority of the general public.
More investigations and more hearings, at taxpayer expense, which result in nothing happening. Both parties equally guilty of the exploitation and fleecing of Americans. This country is looking more and more like Russia every day.
Just taking advantage of the stupidity oft the American people. It long been known that the wealthy don’t pay INCOME TAX. Becaue they get no salary. However they do pay capital gains tax.
not a subtle distinction, but regardless its one that the stupid american people will not seek to understand
Ultimately the left wants feudalism and they only way to get it is to get at wealth. That they chase off anyone and everyone who can do anything is not a concern,
All those involved in publishing should be forced to publish their returns as well. The reason these people get tax breaks, would be because the politicians created the tax loopholes they and these people are using. Maybe a flat tax would solve the problem?
Release Leftist tax records too make=
AMAC as ARPP (And Others) has joined the pot of news broadcasters, but as an entity do nothing to stop this crap…. Do something other then whine about it. AMAC has become another group like all the rest. They hire useless educated people and blow smoke. I want to see some real Daniel Boones or Davy Crockets who actually get out there and do something. Better example yet is King David and Goliath, little kid did something why all the so-called proclaim seasoned soldiers milled around little bulls in a rodeo pen acting or talking tough, yet did nothing. Little shepherd boy David took the giant on…
When are the idiots who voted for Biden and this regime in the garbage house (Used to be the WHITE HOUSE) going to wake up and realize this buffoon is not even alive and will screw everyone because he is the world crook with taxes/ and hates the african american more than others//
To Stephen’s comment below. Many of these billionaires are leftist. I haven’t seen the whole list but Buffet is not conservative. I don’t know if they released the tech billionaires or not, but they are all leftists. Congress wrote the tax code and the wealthy can afford tax attys to take full advantage of the code. I don’t have an answer for all this but find Buffet and others to be major hypocrites when they talk about needing to be taxed more even though they hide their income expertly.
Who is McTurtle kidding. There will be no consequences at all for any communist that leaks information.
The unhinged left. Breaking the law is okay for the left as long as it targets conservatives.
What I want to know is why Pro Publica isn’t being prosecuted by the Federal Government for receiving stolen property. If an American Citizen knowingly purchases stolen goods, they can be prosecuted for receiving property. And if, unknowingly purchasing the same thing it can be forfeited. Where is Congress on this nonsense? If you want this to stop, just wait until some Congressional and other political personalities to get outed…..
Pro Pubica should be sued.
Just another 1984/Animal Farm/Brave New World becoming a reality! This administration is sounding more and more like the KGB! And NO to anyone saying we need to pay a “wealth tax”!!!! That kind of tax would devastate all 401K and other retirement accounts that seniors live on! I pray that this will lead to SOMEONE going to jail instead of just slapping hands!
I read the ProPublica article… One section reads, “America’s billionaires avail themselves of tax-avoidance strategies beyond the reach of ordinary people. Their wealth derives from the skyrocketing value of their assets, like stock and property. Those gains are not defined by U.S. laws as taxable income unless and until the billionaires sell.”
In other words, they want everybody with a 401K to pay taxes on the increase in the value of these stocks that they’ll rely on to get through retirement. Also, the sharp increase in the price of wood and other building materials has all of a sudden sharply increased the value of the homes in which most of us are living. I guess they don’t think it’s enough that our property taxes are going to skyrocket. They now want us to pay income tax on the increase of our “wealth” — all in the name of making the rich pay “their fair share.”
The communist known as FDR did this to America’s wealthiest during his terms. Wealthy was $25K or more annually. The communist hit them for 90% of their income. I wonder if that crippled turd paid HIS fair share as he made $50K a yr back then.
If mainstream, Conservative America cannot get this election cheating defeated then we have to look at armed insurrection against the ( D ) communist party of America. Civil war is imminent.
For those who have $500K or more in liquid assets, one should consider private banking in Switzerland or other nations as such.
Sorry to say Biden is and will go down in history as the worst US president ever. The worst!!!!!!!!!
This is absurd!! When are we going to impeach Biden?
I bet zuckerbuck and the rest of the gang aren’t included in the rich scenario
When it comes to lies, deceit, cheating and underhandedness, you can be sure the IRS has a hand in it. Especially, during a demagogue administration.
Did they release Feinstein’s, Waters’, Schumer’s, Pelosi’s, Biden’s, Harris’, the Clintons’, Pencil neck’s and high waist Nadler’s returns? Probably not…since the IRS is home of the communist radical left.
I don’t trust Yellen any more than Biden. She is a member of the treasonous Council On Foreign Relations, if not the biggest “organization behind the curtain”, then one of the top two.
This msn can now be unacquivocally classified an idiot. I’d say more; but, even in my eighties, I believe my mother would be raining down terror on me even as I am 80 plus.
I guess mcconnel hasn’t heard – it is okay for leftist moles in the deep government to leak ANYTHING! Non-leftist whistleblowing is met with the firing squad – see also insurrection double standards!
The democrats are corrupt, self serving traitors to America,its Constitution and its Citizens!.
ALL democrats need to be removed from office and prosecuted for their crimes.
Talk about fake news – Thousands of tax returns stolen – so much for privacy of our financial dealings with the left-wing political activists running the IRS – nothing is sacred to these USA anarchists. Where is the uproar over people and the media stealing private tax records? They also lie when they compare the wealthy to regular taxpayers who pay taxes only on income to the rich who they compare with income AND wealth which has nothing to do with income until the capital gain is realized! These lying socialists are trying to destroy our country! Did they report on Pelosi, Biden and the Clintons and other left wing politicians? I’ll bet not!
Any bet that the releases only involves Independent and Conservative returns and others who
might not support nor contribute to the Democrat Socialist party plan to destroy our Nation and
their corrupt members?
Does the democrat party pay taxes or a so called wealth tax.
Would you say that they are crooks ?
It just verifies the stealing of the votes….Trump is still my President
The commies (Dems) do not believe in the rule of law. They will do anything for power and control.
Since they are so interested in releasing wealthy tax returns, then the tax returns of ALL politicians have to be revealed!!
Have the returns for: george soros and his son, mark zuckerberg, joe biden, barrack obama, etc. etc been released?
Since rich dems are shilling for communist governance then they can “lead by example”, ie. pay taxes until their salaries and all other wealth has been reduced to my level before I pay one f–king nickel. then we will see what evil POS’ they really are.
Dont know that it will wake up the useful idiots though.
When Trump took office he should have fired every head of every federal agency.
Looks like the government is opening up, for the lawyers, a new opportunity to “make a buck”! The number of lawsuits will be amazing! AND JUST WHAT IS THIS A DISTRACTION FOR? There has to be something else happening that “THEY” want covered up! Could it be election fraud??
When we get a real president if that ever happens again, they need to go on a massive firing spree.
The leakers and their buds are the REAL deplorable!!!
The great economist Thomas Sowell said it far better than I could: “Exactly how much is your fair share of what someone else has worked for”? The Democrats think all of it (expect for their own wealth).
Every government agency headed by a DIMM is CORRUPT. They only install department heads who will pursue their PARTISAN agenda, Laws are not important to them!
Nothing explains genetically stupid better than anyone who supports this traitorous regime! They don’t even care if they make sense or not! One can point out their genuine stupidity and they can’t even understand your plain language. These people are as foreign as anyone who speaks a different language. I’m just calling this time we’re living in ‘The Era of Stupid! What makes them so stupid is not recognizing their own policies will eventually come back to bite them in the a$$. And of course being the Devil’s advocates, they’ll face God’s wrath. Just pray that God is intervening and will squash these vile enemies.
Ms Yellen is not doing her job. Not only should a probe be set in motion, but these admitted (Propublica) law breakers ought to be under arrest NOW! This is politics, pure and simple. Any other IRS chief would see heads roll…..inside their organization and elsewhere, by application of the law.
This is superbly ridiculous…forst for it to have happened at all, and secondly for such a lame response, of being deeply concerned over this serious situation. What marlarky….You can rest assured, if these tax payer’s records have been accessed, so can mine….so can anyone’s. Now the IRS will become another arm in the fight to ruin anyone who does not sing along and dance along with the current administration.. What next????.
And the government says we should trust them? Give us a good reason why we should trust them.
I wonder if all the money Joe Biden got from China was reported and properly taxed? Biden and the left are destroying our country, especially the middle class. They just keep printing money and giving it away to so many foreign countries. Stop giving our hard earned money away to these countries, We do not owe them anything. Take care of our home front first and I don’t mean giving it to illegal aliens, and if these is a little money left over, decrease our taxes. America is the most generous country in the world, we do not need to keep giving our money away year after year. Investigate the Biden’s NOW! We know they are liars and corrupt, taking money from our enemies like China, and they have undermined American integrity. I am sure you won’t have to look far to find other Dem politicians in the same corrupt boat as Biden.
Bet no demorats are mentioned.
These people are just using the current Tax Code to their benefit. The only fair solution is to revise the Tax Code.
Everyone is over looking the biggest issue of the wealthy not paying enough taxes. All the loop holes in our laws and the tax code. If these are in place raising taxes will not help. The loop holes will be used to avoid the increased tax.
Great article!
It’s too bad the General Public likely won’t hear about this move until it’s already done!
I have a question about what income brackets are they referring to?
I personally know that In order to claim Poverty Income you have to be somewhere in the $10k to $15k per year range. I think that’s rediculous! I’d love to see any politicians live on that income single or with a family you just can’t! There is no possible way to make ends meet and enjoy life and the little things like a beef steak once a week or month. It just angers me so when I hear DemocRATS mention they will tax the wealthy at higher tax rates, I have news for you people who make a couple hundred thousand a year are now struggling to feed, clothe and educate themselves or their children’s College costs. They drop down to the lower middle income bracket! In my opinion people like Bill Gates, Zuckerberg,Cuban and most of the Democratic Party make millions off tax payers backs so unless the Biden Mafia admits this they are part of the problem. Only the ones who are indoctrinated vote for such a laughable budget and tax increases candidate! Biden squashed over a half million jobs in the U.S. alone with a stroke of the pen!
I pray everyday for Trump to be back in the White House and soon very very soon!
when mitt romney ran for president he paid 13% on his millions income while I paid 10% on less than 21,000 dollars
The issue here is much bigger than taxes. It is the intentional targeting of individuals and the release of personal and private information. There is not a single person reading or responding to this article that wants, deserves or should be violated in this manner just as those with wealth should not be violated. The trouble is with the tax laws plain and simple. And anyone who thinks, regardless of how a tax increase is structured, that the “rich” will carry the burden, you either were born yesterday or a fool. Much like the tragedy of oil workers losing their jobs, a simple fill up of your vehicle’s gas tank will show you those workers aren’t the only one’s paying for the decisions of the morons currently destroying the country. Can we hold on long enough and hope our election process actually rights the ship? Or is it too late?