January 09, 2023

REP. CORREA VOTES AGAINST REPUBLICAN HANDOUT TO TAX CHEATS

WASHINGTON, D.C. — Today, Representative Lou Correa (CA-46) voted against a Republican-led effort designed to help the wealthy and well-connected avoid paying their fair share in taxes. The so-called Family and Small Business Taxpayer Protection Act would make it more difficult for the IRS to crack-down on sophisticated, complicated tax schemes designed to allow many to avoid paying their fair share. 

“For too long, many have avoided paying taxes, while everyday Americans are stuck paying the price,” said Rep. Correa. “With the Inflation Reduction Act, Democrats gave much-needed resources to the IRS to assure all pay their fair share in taxes. And after a week of Republican chaos, confusion, and crisis, they’ve begun the 118th Congress by undoing this progress, putting Wall Street over Main Street—and it’s shameful.”

Historically, Republican budget cuts have decimated the IRS, leaving it understaffed and underfunded. Audit rates on the ultra-rich have dropped, and tax evasion rates are soaring. An estimated $600 billion goes uncollected every year, this includes $160 billion from the top 1% alone. Closing the tax gap could result in an estimated $7 trillion over the next decade, making way for investments in programs that would change the lives of workers and their families. 

“Instead of making it easier for tax cheats to skip out on paying their fair share, we should be helping those millions of hard-working Americans—many of them living right here in Orange County—waiting on hold for hours to get their tax refunds,” Correa concluded. 

 

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