IRS has already collected more than $500 million in back taxes from delinquent millionaires
IRS has already collected more than $500 million in back taxes from delinquent millionaires
Millionaires who were behind on their taxes have already paid half-a-billion dollars to get current with the IRS as the agency ratchets up high-level tax...
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And the Republicans want to cut the IRS's funding by a huge amount.
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I remember seeing a video of how painfully outdated the IRS is, so they should invest instead...
edit: found it - it's by LGR: https://www.youtube.com/watch?v=qL5ut8o5pfs
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change that m to a b in "delinquent millionaires" and then we'll have something.
A guy with $2 million isn't the problem, the guy with $1 billion is.
"What's the difference between a million and a billion?"
"About a billion."
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Any shithead not paying their taxes is a problem
-someone who actually pays taxes
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Given its $160k a year for an auditor’s salary… maybe $200 when all is said and done with benefits, then $2 million is a solid return on investment. I’ll take it.
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What about the guy with $999 millions?
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That's the logic they all follow .... I don't own $1 billion .. I own $1 million and everyone else just calls it $1 billion and I tell some people to believe it and others to not believe it ... it's all a question of faith and belief ... my shareholders believe I have $1 billion but we tell the government to believe that I only own $1 million.
When you have access to millions and billions, you can make anyone believe whatever you want them to believe.
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That’s only 2 commas. Oof. Financial ruin.
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at first I thought this was gonna say “change that m to a b in $500 million” 🤣
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I mean, both would be good.
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That's an interesting euphemism for tax fraud.
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Which is probably less than a percent of what they owe if the IRS would successfully unravel all those Delaware, Kitts and Nevis, Bermudas, etc. "company" structures.
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Delinquent millionaires is such a great phrase.
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Could be a lot more, but I'll take it. Hopefully they keep rolling. These people are a drain on society.
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Getting $500MILLION from Millionaires is HORRIBLE! We need to SAVE that money by Starving Children instead!
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Texas & 14 other #GOP states are doing just that.
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The article doesn't seem to indicate the ROI of the influx of new money to the IRS vs extra money received because of this influx. Only reason I care about ROI with this agency is 1) only real agency that makes money. 2) IRS had indicated before that they can generate something like 7 USD per 1 USD they are given for funding and I'd like to see if that plays out.
Regardless, I'm glad te IRS is getting the funding it needs to go after the rich.
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They basically get an extra $6 billion each year over the next decade. So this would be a decent chunk of that. They have also recovered hundreds of millions in fraudulent PPP loans. They are also pushing to recover $29 billion in back taxes from Microsoft. A lot of those things they would not have been able to do before.
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Anywhere where I can read about this in particular?
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Is that all? Seems exceedingly low.
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Centrists gonna be like "he taxed the rich more than any president evar" even though this is an insulting pittance.
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So that's one guy, how many more to go?
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Peanuts, really...
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How much from billionaires?
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Wow 500million..
So like.... Nothing?
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What?
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Annual revenue is roughly $4.71 trillion for FY23. I can't be sure if that includes the $500 million, but if we were to add it to the total revenue, it would be $4.7105, or roughly one tenth of one percent of the total. It's also roughly 1-2% of the amount rich people owe that they aren't paying.
Imagine if you ate at a restaurant with a large group, and when the bill came, it was $14,700. Everyone ponied up, but you were short on what you owed by $100. So you say, "let me run to my car because I have some extra money there." You come back in with a dollar and two quarters.
Should we be excited? Is that a significant portion of what you owe? Is that a significant portion if the bill?
https://www.businessinsider.com/rich-people-tax-evasion-owe-billions-returns-2023-10?op=1
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$520 million is a good start.
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I suppose - but like there decades worth of back taxes. 500 is a good start maybe, but we all know they are dodge taxes and being taxed at lower rates than poor an middle classs and you know what there is no point in even talking about it because itll just work me up and I can't change anything so I'll just keep focusing on my community instead. Thank you.
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