The IRS Wants to End Another Major Tax Loophole for the Wealthy and Raise $50 Billion In The Process
17th June 2024
Translation: “The IRS is going to try to re-write the tax code so that they can steal more of people’s money; since it’s just “rich people”, stealing from them is okay.’
Just as ‘price gouging’ is charging more than the speaker thinks is proper, ‘loophole’ is using the existing tax code to avoid paying the amount of tax that the speaker thinks is your ‘fair share’.