The richest 25 Americans pay less in taxes every year than many ordinary workers do, according to an investigation released this week by nonprofit news organization .
Oregon U.S. Senator Ron Wyden said in an IRS budget hearing before the on Tuesday that the uber-wealthy in some cases can bring their federal taxes down to nearly nothing, while using perfectly legal tax strategies.
鈥淪o this is another example of the tale of two tax codes,鈥� Wyden said. 鈥淵ou鈥檝e got the nurse in Medford, Oregon, this morning, treating COVID patients; they pay taxes with every paycheck. But if you鈥檙e a millionaire who can arrange their assets through a sophisticated, complex web of partnerships, you can abuse the system, essentially, with impunity.鈥�
Wyden also said wealthy taxpayers who exploit tax loopholes have 鈥渁 better chance of being struck by lightning than being audited.鈥�
Wyden introduced a budget proposal for the IRS that would tighten tax enforcement and close some of the loopholes that make the disparities possible. His proposal would tax capital gains in much the same way wages are taxed.
It would also give the finance committee the authority to regulate paid tax preparers.
Regarding the leak of taxpayer data at the heart of the ProPublica investigation, IRS Commissioner Charles Rettig said at the hearing that his bureau is investigating, and that any violations of law would be prosecuted.
鈥淲e will find out about the ProPublica article,鈥� Rettig said. 鈥淲e have turned it over to the appropriate investigators, both external and internal.鈥�
The Associated Press contributed to this report.
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