silence7I.R.S. Crackdown on Delinquent Millionaires Yields $1 Billion
Thanks Joe Brandon
I wonder how many were close to $1 mm and how many were closer or > $1 Bn?
Clearly a waste of money harassing upstanding innovators and job creators. IRS needs to stop wasting money and agent’s time on harassment like this. Defund the IRS.
/s in case it’s not obvious
Wait so we spent $80 billion dollars to recoup $1 billion dollars?! 😵💫
Nope. $60B was allocated to the IRS. They’ve spent $5.7B of it so far, most of which I’m assuming was for hiring and getting their ducks in a row to start being able to go after the big fish. It’s actually pretty impressive that they’ve found so much revenue in such a short amount of time that would’ve just not been collected.
It’s from January, but here’s some other info on this that’s a little more in depth than that shitty nyt article.
IRS ramps up new initiatives using Inflation Reduction Act funding to ensure complex partnerships, large corporations pay taxes owed, continues to close millionaire tax debt cases | Internal Revenue Service
IR-2024-09, Jan. 12, 2024 — The Internal Revenue Service announced today continued progress to expand enforcement efforts related to high-income individuals, large corporations and complex partnerships as part of wider efforts to transform the agency.
Not exactly. Per the article only 5.7 bil of the 80 bil has been spent so far. Also per the article, 20bil has also been cut from that total in budget negotiations. And, not all of that goes to tracking down mil/billionaires. An unspecified amount goes to modernizing their systems and improving their ability to respond to calls from taxpayers.
I imagine there are plenty of things not listed that they are doing to improve their resources with the money. Id wager that given time we’ll see larger returns on investment as they get through their backlog of unpaid taxes. But that’s just my opinion.
As long as we still have an IRS after November that is.
MegaUltraChickenOh don’t worry, the GOP doesn’t want to stop taxing the poors. The IRS will just have absolutely zero enforcement if you make enough money.
So far $5.7 billion has been spent. The total approved funds were actually $60 billion. That ratio does seem sketchy, but the article mentions the money will be spent on other upgrades as well, such as customer service, though it fails to go into much detail.
I recall reading that increasing IRS funds tend to yield significantly higher earnings, but the article doesn’t provide any depth there. The proposal mentions that they expect to bring in $200 billion. That sounds disappointingly low to me. I was hoping for something more like a 10-1 return, but I imagine auditing those armed to dodge taxes isn’t easy.
barkingspidersIt can take time too. One of the ways rich people skirt taxes is paying lawyers to drag things out in court. IRS doesn’t just have to hire new people to do complicated audits on rich people, they also have to pay lawyers to enforce their findings in the courts. Ramping up new agents to handle the audits and going through any court procedures can take years.
Every extra dollar the IRS gets returns $6. Nice try.
NeatoIf auditing millionaires generated a billion dollars, then it stands that auditing billionaires should generate a trillion dollars! /s
Only a little sarcastic, we should audit the shit out of them.
Seconded. All in favor?
I think a majority of American citizens are voting against.
kescusayHard disagree. American citizens are definitely voting for. Unfortunately, due to our shitty fucking election system, their votes don’t count as much as the votes of temporarily embarrassed millionaires living in trailer parks in rural Bumfuckistan.
Wrong.
Move to enforce collections with implements including but not limited to torches and pitchforks.
Great, we got back 1 of the 80 billion the IRS was given to do this. At this rate, we’ll almost have broken even by next century!
That seems super low tbh
This was the low hanging fruit. The good stuff takes a little more work.
VeganPizza69 Ⓥturn it up
We could probably double that haul with an audit of a couple SCOTUS justices…
anticolonialistMIC seeing this as a bonus
How much did they gain by screwing over people selling over $500 in garage sale stuff on marketplace?
None because the reporting requirement for the IRS is $600. It sounds like you don’t know anything about taxes, so everyone can safely ignore your replies.
www.cnbc.com/…/irs-600-reporting-rule-delayed/
The real question is, why hasn’t trump said anything about this? Just today I saw people saying he’s slowed down and is not up to the task of being president. Biden is obviously fine, because he’s got a good team running the IRS. Where’s trump and why hasn’t he said anything about this?
All that shit is probably sold below cost basis, so not taxable.