The IRS is showcasing its new capability to audit high-income tax dodgers aggressively as it makes the case for sustained funding and tries to avoid budget cuts sought by Republicans who want to gut the agency
That’s it??
Yes. If we really want rich people to pay proportionally (or even progressively), then we will need to change the laws that allow them to amass huge fortunes tax free.
When Bezos and Musk can amass hundreds of billions of net worth without ever hitting a six figure income, you know the problem is with the laws, not with the IRS.
It seems we westerners rather tax small business owners and highly paid professionals instead of actual billionaires.
IRS leaders said they collected $38 million in delinquent taxes from more than 175 high-income taxpayers in the past few months.
In one case, an individual had used money owed to the government to buy a Maserati and a Bentley, and roughly 100 high-income people tried to get favorable tax treatment through Puerto Rico without meeting certain tax requirements. Many of those cases are expected to face criminal investigation.
I hope they roll at least half of the $38M into more enforcement efforts. Hire more agents, investigate more tax cheats, hire more agents.
That would be like having the police funding themselves with inconceivable from tickets and eventually bite everyone in the ass.
Funding should absolutely increase, but should not be tied to the amount recovered.
Nope just one more weapon of war.
thank god, that’s another missile
No comparable figures exist for how those high-dollar tax collections compared with previous years, said Jodie Reynolds, speaking for the agency. Rather, the new data reflect an initiative that started after the agency received a new funding stream through the Inflation Reduction Act passed in August by Democrats.
Didn’t they take a lot (if not all) of that funding back as part of the deal Congress came up with to prevent default?
Did Cards Against Humanity design their cards based upon the IRS signs or was it the other way around?
Oh good I’m not the only one who immediately thought that
Drops in a bucket.
The sad reality is your average tax cheat will fight tooth and nail for every penny. Because even if right up to 99.9% is clawed bank, it’s all profit. Somehow it’s still hard to sell the right on having refs powerful enough to police the game.
Edit: stray word
