Opinion | Leslie Book: We can only hope new reporting on tax inequality doesn't inadvertently make it harder for the IRS to detect and punish tax evasion. - NBCNewsTHINK
While ProPublica did not reveal who leaked the information the report may weaken confidence and trust in the IRS and hurt proposals to increase exponentially the amount of financial information that is currently reported. .
ProPublica acknowledged that the release of the information may violate the privacy of the people it featured. Yet the by arguing, “We believe it serves the public interest in fundamental ways, allowing readers to see patterns that were until now hidden.”Owning vast amounts of wealth allows rich people to borrow against that wealth; when you borrow money, you have no income, even when the assets that may secure the loans have appreciated immensely. And assets passed down through generations can perpetuate these tax benefits — and inequality.
,” has previously shown — namely that our ostensibly race-neutral tax system contributes to the increasing racial wealth gap, with Black Americans often left behind.to addressing some of the inequities of our current income tax system, including ensuring a greater equivalence between the way the tax system treats capital and labor income. A key proposal would prevent individuals from inheriting appreciated assets at market value with no taxes on the unrealized gain.
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