IRS Collects $1B in Back Taxes from Millionaires
The IRS collected $1 billion in back taxes from millionaires through a targeted initiative. House Republicans proposed budget cuts, potentially impacting tax enforcement efforts. IRS faces challenges in increasing audit activities efficiently.
Read original articleThe IRS has successfully collected $1 billion in back taxes from millionaires since 2023 through an initiative targeting high-income individuals with recognized tax debts. This effort focused on about 1,600 individuals, resulting in an average tax levy of $625,000 per person. The IRS aims to generate significant revenue, potentially up to $851 billion over the next decade, by continuing investments under the Inflation Reduction Act. Despite these successful collections, House Republicans proposed budget cuts for the IRS, including a $2 billion cut to enforcement funding, which could impact efforts to improve tax fairness and compliance. To enhance audit coverage for the top 1% of earners, the IRS would need to significantly increase its audit activities. The agency's slow expenditure of its enforcement budget poses challenges in ramping up enforcement efforts, highlighting the importance of strategic investment in targeting high-income individuals for tax compliance.
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The problem is the federal government spends $1billion dollars every 1.46 hours.
We collect an _absurd_ amount of taxes. Far Far Far Far too much. The vast majority of it is wasted.
Collecting more isn't going to solve the problem and it never has.
Like imagine if the average person could just decide they arnt going to be able to cover interest on the debt they have, yet they still could print tons of money. Money that's only backed by their word, and the debt gets used in your local town negotiations as a weapon.
Is the assumption here that if one’s skills are worth $400k, one isn’t hardworking?
So, this isn't even a drop in the bucket.
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