IRS collects milestone $1 billion in back taxes from high-wealth taxpayers
IRS collects milestone $1 billion in back taxes from high-wealth taxpayers
apnews.com
IRS collects milestone $1 billion in back taxes from high-wealth taxpayers
15 comments
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Neat
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Let's do it again!
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Don't worry, Project 2025 will make sure the poor 1% aren't persecuted in such a manner ever again.
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But the 1% aren't poor! /s
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They are poor in spirit; won’t someone think of those unfortunate souls who’ll have to scrimp and save for that much longer in order to be able to afford their next luxury hypercar?!
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I’m skeptical on how good this is considering this is the result of six billion dollars in efforts.
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You got a source for that $6 billion? I've tried searching around and can't find that anywhere.
Every study I've ever seen has shown that funding the IRS is a net benefit to tax revenue. So my instinct is that the $6 billion you saw included more than just this particular campaign.
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The tax agency has been undergoing a $60 billion modernization initiative aimed at improving its customer service and catching wealthy tax evaders.
A report published in June by the Treasury Inspector General for Tax Administration said the I.R.S. has so far spent $5.7 billion, or 10 percent, of its Inflation Reduction Act funding.
The funding was for this and improved customer service, but as TOModera says it may be just a one-time fee that will yield continuous returns.
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They've made 1 billion back of the 6, and expectations are 50 billion over 10 years. So if they don't see a growing amount, sure, skepticism is fine, but these things take time and there is already some amount in the first year, which most wouldn't have expected. I'd say be cautiously optimistic that there are results.
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I don't think this is intended as a full and complete accounting. Just an effort to publicize a win and pressure tax cheats.
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There is the small hope that all this work has lead to better processes and checks to make finding problems, mistakes, and abuse more easily and cheaply.
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15 comments
That's still a drop in the bucket compared to how much they owe and how much they have stolen via wage theft, subverting our government with paid for politicians/judges/officials and unfair laws favorable to them, and otherwise ripping off the public/betraying the social contract. Progress nonetheless though!