Tax Evasion by Millionaires

A version of this article appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox.

The nation’s millionaires and billionaires are evading more than $150 billion a year in taxes, adding to growing government deficits and creating a “lack of fairness” in the tax system, according to the head of the Internal Revenue Service.

The IRS, with billions of dollars in new funding from Congress, has launched a sweeping crackdown on wealthy individuals, partnerships and large companies. In an exclusive interview with CNBC, IRS Commissioner Danny Werfel said the agency has launched several programs targeting taxpayers with the most complex returns to root out tax evasion and make sure every taxpayer contributes their fair share.     READ MORE...

Against Big Government and Their Controls

 

There are basically two groups of people living here in the United States and each group has their little spinoffs...  these two groups are:

Those who favor BIG GOVERNMENT (50%)

Those who favor SMALL GOVERNMENT (50%)

It would appear that the United States is equally divided in what it believes and what it wants which in a way is damn near perfect because one side does not control more than the other side...

However,

our Federal Government SHOULD NOT TELL US what we should or should not do with our bodies...

that is to say:

1. if a woman wants to get an abortion she should be allowed to get an abortion
2. if a male/female does not want to get a COVID vaccine they should be allowed to do so
3. if a male/female want to take illegal drugs they should be allowed to do so
4. if a male/female wants to drink alcohol they should be allowed to do so
5. if a male/female wants to smoke cigarettes they should be allowed to do so
6. if a male/female wants to own a firearm they should be allowed to do so
7. if a male/female wants to become a terrorist they should be allowed to do so
8. if a male/female wants to sell illegal drugs they should be allowed to do so
9. if a male/female wants to speak out against the government they should be allowed to do so
10. if a male/female does not want to pursue an education they should be allowed to do so
11. if a male/female wants to get themselves into endless debt they should be allowed to do so
12. if a male/female does not want to pay higher taxes they should be allowed to do so
13. if a male/female wants to change genders they should be allowed to do so
14. if a male/female wants to believe in communism they should be allowed to do so
15. if a male/female wants to worship their God(s) they should be allowed to do so
16. if a male/female hates other races or ethnic groups they should be allowed to do so
17. if a male/female wants to organize a movement to defund the police they should be allowed to do so
18. if a male/female believes the US Constitution should be written they should be allowed to believe that way
19. if a male/female steals something from someone else they should be allowed to do so (but punished)
20. if a male/female wants to be homeless they should be allowed to do so

The United States...  IN ALL ITS GREATNESS...  has not been able to prevent the WEALTHY from CONTROLLING all of those individuals and couples that are NOT WEALTHY...

The BIGGEST PROBLEM in the United States is NOT politics, employment, education, or healthcare...  it is all the MILLIONAIRES AND BILLIONAIRES who invest their monies in CONTROLLING AMERICANS...

Do You Ever Dream?

I am not talking about daydreaming to avoid paying attention in class or to the speaker at a convention, or to the boss at a staff meeting or to avoid listening to a spouse barking out orders for you to do that day...  this is the daydreaming that takes place when one is lying in bed trying to fall asleep at night.

Just about every night that I can recently remember or in the not so distant past, I have spent the first 15-30 minutes before falling asleep at night daydreaming...  although I am sure that Psychologists have another name for it of which I am unaware.

While my daydreams vary, they are still about the same topic, more-or-less, which is being something that I am not today or will ever become.  And, while that my sound self-defeating it is still nonetheless true because it is the logic of reality.

One of my daydreams is the publish the novels that I have written and become a best seller ending up relatively wealthy (in the tens of millions) and flying everywhere I want to go or visit with a first class ticket in my hand.

Another daydream is becoming the recipient of an inheritance by an unknown benefactor that makes me a multi-millionaire and I build the MODEST house of my dreams that had everything that my wife and I ever talked about but still no bigger than 2,500 square feet.

And yes,  I have never had the nerve to contact publishers and face the dozens of rejection letters I would receive by those who did not think my writing was good enough to publish, so, my daydreams might well have been experienced, but at my age of 72 that is not going to happen.

Only 6% of Americans aren't worried about anything

I.  There are 540 billionaires in the United States, with a combined net worth of $2.399 trillion, according to our 2016 list of the world's richest people.

II.  According to the report, the US has 18.6 million millionaires, highest in the world.

III.  As of 2019, the USA had a population of 328 million

If we were to add I and II, the result would be about 19 million...  as a percentage of 328 million, the result would be .06 or 6%

What does this mean?

Billionaires and Millionaires represent 6% of the total population of the USA...  while, 94% of the population of the USA are not Millionaires or Billionaires.

Think about this!

Those who are in the 6% are telling those of us who are in the 94% not to worry about the financial implications of COVID-19 and the fact that they are out-of-work and pretty much staying-at-home.