IRS collected $1B in back taxes from millionaires in less than a year
The IRS collected $1 billion in back taxes from millionaires, part of increased enforcement efforts funded by the Inflation Reduction Act. The Biden administration showcases IRS crackdown on wealthy tax evaders.
Read original article
The Internal Revenue Service (IRS) has collected over $1 billion in back taxes from millionaires since last fall, following increased enforcement efforts funded by the Inflation Reduction Act. The Biden administration aims to showcase the IRS's crackdown on wealthy tax evaders and enhance taxpayer services. The IRS identified 1,600 taxpayers with over $1 million in income and $250,000 in tax debt, resulting in the recovery of the funds. Prior to this initiative, the IRS lacked the resources to pursue high-income individuals who owed taxes. The agency has intensified audits on wealthy taxpayers, corporations, and large business partnerships, utilizing additional staff and artificial intelligence. Part of the funding is allocated to modernizing taxpayer services, including a pilot program for free tax filing directly with the IRS. Despite Republican criticism of the funding as wasteful, efforts to claw back the allocated funds have been made. Democrats have conceded to some cuts to address the debt ceiling and avoid a government shutdown.
Related
Reining in America's $3.3T tax-exempt economy
Lawmakers in the U.S. have created a tax-exempt nonprofit sector worth $8 trillion, 15% of GDP. Proposed reforms aim to tax non-charitable income at 21%, generating $40 billion annually. The outdated tax code needs modernization for fairness and efficiency.
Italian Revenue Agency demands 1B from Google for tax evasion
The Italian Revenue Agency targets Google for alleged 1 billion euros tax evasion. Investigation ongoing regarding royalties and stable organization presence. Reflects broader multinational tax scrutiny trend.
200 people charged in $2.7B health care fraud crackdown
The Justice Department charged nearly 200 individuals in a $2.7 billion health care fraud crackdown. Cases involved scams targeting terminally ill patients, kickbacks for unnecessary treatments, and assets seized to prevent fleeing.
Turkey Turns to AI to Crack Down on Rampant Tax Evasion
Turkey adopts AI to fight tax evasion, inspired by Italy and the US. Minister Simsek plans to use algorithms for auditing, launching a campaign to boost tax compliance and transparency, aiming to enhance tax collection efficiency.
International scheme to tax billionaires' wealth technically feasible
A study proposes a global tax on billionaires to generate $250 billion yearly. Emphasizing fair taxation, it aims to ensure billionaires pay at least 2% of their wealth annually. The plan aligns with President Biden's tax proposals.
2 commentsWe need to stop treating "millionaire" to mean "rich" like it did before decades of inflation. A two-earner household, that buys a house, uses their employer's 401k and just generally is financially prudent will have a net worth over a million well before retirement.
In fact, to encourage responsible retirement planning, we should probably start treating it as an expectation to be a millionaire at time of retirement. If you're not on track to be a millionaire at 65, you need to save more.
Related
Reining in America's $3.3T tax-exempt economy
Lawmakers in the U.S. have created a tax-exempt nonprofit sector worth $8 trillion, 15% of GDP. Proposed reforms aim to tax non-charitable income at 21%, generating $40 billion annually. The outdated tax code needs modernization for fairness and efficiency.
Italian Revenue Agency demands 1B from Google for tax evasion
The Italian Revenue Agency targets Google for alleged 1 billion euros tax evasion. Investigation ongoing regarding royalties and stable organization presence. Reflects broader multinational tax scrutiny trend.
200 people charged in $2.7B health care fraud crackdown
The Justice Department charged nearly 200 individuals in a $2.7 billion health care fraud crackdown. Cases involved scams targeting terminally ill patients, kickbacks for unnecessary treatments, and assets seized to prevent fleeing.
Turkey Turns to AI to Crack Down on Rampant Tax Evasion
Turkey adopts AI to fight tax evasion, inspired by Italy and the US. Minister Simsek plans to use algorithms for auditing, launching a campaign to boost tax compliance and transparency, aiming to enhance tax collection efficiency.
International scheme to tax billionaires' wealth technically feasible
A study proposes a global tax on billionaires to generate $250 billion yearly. Emphasizing fair taxation, it aims to ensure billionaires pay at least 2% of their wealth annually. The plan aligns with President Biden's tax proposals.