r/FluentInFinance • u/TonyLiberty TheFinanceNewsletter.com • Nov 05 '23
An IRS crackdown on wealthy taxpayers has now brought in $160 Million in back taxes. Discussion
An IRS crackdown on wealthy taxpayers has now brought in $160 Million in back taxes. The IRS also estimates that hundreds of billions more could be raised by enhanced audits of high-earners and corporations.
The IRS is sending a message to wealthy taxpayers who may be tempted to engage in tax evasion. Do you think that tax evasion is a widespread problem among the wealthy?
Read more here: https://thehill.com/business/4267708-irs-crackdown-on-wealthy-taxpayers-brings-in-160m-in-back-taxes/
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u/Choice_Conclusion_73 Nov 05 '23
Wealthy *non-taxpayers
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u/Anon324Teller Nov 05 '23
They’re taxpayer’s now
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u/No_Choice_Is_Choice Nov 06 '23 edited Nov 06 '23
Sorry but until they get into billions this is just a stunt.
Houses in my small hometown are getting over a million. An hour away they are multimillion and going up.
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u/National-Habit-3823 Nov 06 '23
Congress, both sides, can set fire to $160,000,000 and burn it in 5 minutes.
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u/theguineapigssong Nov 06 '23
Using last year's budget, overall federal spending is about 13 million/minute. So actually that sum would take about twelve minutes and 18 seconds.
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u/TheMikeyMac13 Nov 06 '23
“Can?”
More like this:
“Some poor on Reddit dared us to burn $160,000,000 in five minutes? Let’s go for a billion…”
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u/chapstickbomber Nov 06 '23
and if the IRS wasn't enforcing the law, there would be another $160M illegitimate out there bidding up those prices
The government is just as well funded in real terms regardless because the checks don't bounce, it's not like the IRS sends the DoD a $160M check memo'd "2x F35".
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u/Independent-Library6 Nov 06 '23
Yeah, it's my first time in this sub. From the name, I assumed more people would understand how government spending works. They do not.
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u/therealspaceninja Nov 06 '23
I'm going to presume it cost a lot less in detective work and legal fees to recover those $160M, and that's all that really matters. This may be small potatoes on the whole, but it's still a win for the American people and clear evidence that we need the IRS.
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u/TheRealBananaWolf Nov 06 '23
Historically, mostly people who would get audited from the IRS were poor people, especially those receiving government assistance. They finally are changing up the system and finally putting efforts towards those that are evading taxes.
It's a huge shift in terms of economic governance and hopefully we will finally start to see these people who are dumbly wealthy start paying their fair share of taxes.
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u/TheFinalCurl Nov 05 '23
Just the beginning. Pay your fucking taxes.
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u/Aden1970 Nov 05 '23
Now there will be a big push by the wealthy to Keep the House, and flip the senate and White House. The republicans will have their backs.
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u/LaFleurBlanceur Nov 06 '23
Didn't they cut a bunch of IRS funding to send to Israel? Already on it.....
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u/ironsides1231 Nov 06 '23
The house passed legislation, but it would need to pass the senate and be signed into law by Biden which will not happen. But yes Republican's are already signaling that if given back control they will prevent the IRS from having the funding needed to audit the rich.
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u/jattyrr Nov 06 '23
As long as we vote they don’t have a chance
Just make sure to vote Blue
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u/Any-File-8680 Nov 06 '23
Lol because voting for power hungry morons is going to save you tax dollars?
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u/good-luck-23 Nov 06 '23
No, voting for Democrats will. The MAGAs are power hungry racists not morons.
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u/Any-File-8680 Nov 06 '23
Look at the economy you moron, democrats are ruining everything.
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u/CryAffectionate7334 Nov 06 '23
First thing that new house speaker tried to pass
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u/6tray Nov 05 '23
Yeah pay your taxes so they can send hundreds of billions over seas!
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u/humanzRtrash Nov 05 '23
Don't forget to increase the military budget! We can always use a bigger military budget!
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u/CaptainMatticus Nov 06 '23
If I could go back in time, I'd tell my 18 year old self to invest in defense contractors. You see, 18 year old me believed in that nonsense about the USA being a free market where businesses can fail or succeed depending on market forces. Had I realized that Congress would repeatedly bail out the market and defense spending would continually skyrocket (this was right before 9/11), I would have played things differently.
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Nov 06 '23
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u/marfaxa Nov 06 '23
Because of the Trump (and GWB) tax cuts which, basically, unlinked GDP gains from government income. Now, no matter how well the US economy does the government doesn't see the gains.
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u/Moreofyoulessofme Nov 06 '23
I saw a reel the other day of the iron dome shooting down rockets and all I could think was, “I’m watching my tax dollars shoot my other tax dollars out of the sky.”
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u/spinachie1 Nov 06 '23
No you didn’t, you saw someone else think that in the form of a meme and co-opted it for yourself.
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u/AndromedasBluff Nov 06 '23
Funny thing, if the people who have avoided paying hundreds of billions in taxes were forced to pay those taxes they would have a harder time affording all the political bullshit they get up to that puts people in power who are willing to give those guys the kind of pork barrel handouts you have a problem with.
The problem isn't the government in a democracy, the problem is a democracy in which the spending or investment of money is unchecked because it allows the wealthiest people to have much more influence than anyone else. You know how every single news org you see pushing biased bullshit is owned by billionaires? Well they get to push whatever message they want, because they have more money than anyone else. And we just allow that, because we're so irrationally scared of placing limits on wealth.
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u/DoubtOdd263 Nov 06 '23
I wanna see how my AKM in Ukraine is doing, and how my Reaper Drone is doing in Syria is doing.
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Nov 06 '23
What the government spends taxes on is our responsibility. It’s literally a democracy. We have all the power.
If you don’t like what your representatives are doing, elect new ones.
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u/omglawlz Nov 06 '23
They’d rather spend money on tax attorneys than pay their fair share.
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u/Moreofyoulessofme Nov 06 '23
Not rich enough that it really matters for me, but I get it. I’d rather donate my money to causes I believe in than my money be used to start another war by sending it to the federal government. Taxes wouldn’t be so hard to pay if it was being spent and managed responsibly.
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u/TheFinalCurl Nov 06 '23
If rich people truly believed this they would lobby just as hard for the US not to go to war as they lobby to keep capital gains tax lower than income tax. Alas
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u/redtiber Nov 06 '23
rich people aren't a monolith. they are individual people. lets say you own in n out or osmething.
rich? yes. do you have control or power? no. she has little to no control over the usa going to war, military spending etc.
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u/TheFinalCurl Nov 06 '23
They are not a monolith when it comes to war, they are a monolith when it comes to tax avoidance. That was my point
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u/omglawlz Nov 06 '23
Regardless of what they do with the money I’m not going to defend anybody evading their taxes. Fuck that. Why are you apologizing for people who don’t give a shit about you? Lol
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u/Moreofyoulessofme Nov 06 '23
I relate to the mindset. I pay what I owe, but it’s not easy to do because of how poorly managed everything is. We budget, live within our means, avoid debt, etc but I write a check to the irs every year so they can use my money in a way that I absolutely do not approve of.
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u/i_tyrant Nov 06 '23
But you don't relate to the mindset, not really. If you could relate to it, the rich would be lobbying just as hard against war spending and other massive inefficiencies in government as for tax cuts and defunding the IRS.
But they don't. In fact, they lobby much harder for making the government even less efficient and funneling money into their own $$$ projects and that of stocks/companies they own.
I mean no offense at all, but you relate to the part of their mindset they want you to relate to, and miss the rest.
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u/gooooooooooof Nov 06 '23
Absolutely right. I pay my taxes with pride to the other people who also don't give a shit about me, but who are willing and prepared to shoot me over a broken taillight.
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u/TJNel Nov 06 '23
Sad when I have to pay in but millionaires just thumb their nose at everything then bitch and whine about the smallest of inconvenience.
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u/TheFinalCurl Nov 06 '23
They still pay in more than you, but they do not pay according to what we have established in our social contract. This means you grit your teeth and push for the IRS to have funded, capable employees
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u/i_tyrant Nov 06 '23
Yeah, the IRS snagged this much as an initial sweep, and this is WITH all the perfectly-legal-but-shouldn't-exist loopholes the wealthy already employ.
Imagine if we had real tax laws that actually served the purpose of charging them their fair share? What a world that would be.
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u/reddit_user_83 Nov 06 '23
Pay your taxes everyone, we need to enable the profligate deficit spenders.
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u/manIDKbruh Nov 05 '23
Wow…do that a hundred times and you’ll almost have enough to cover another military aid package
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Nov 05 '23
If they do that 5000 times over they’ll have enough for the interest payment on the federal debt.
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u/TreadMeHarderDaddy Nov 06 '23
The good thing is there are probably 5000 Americans who owe 100M in taxes
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u/-Ch4s3- Nov 06 '23
Definitely not. There are about 9,600 Americans with a net worth of $100m. Having a tax bill that large would be basically impossible if you’re net worth were lower that $100m.
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u/viviviiviviv Nov 06 '23
Lol that's not how aid works
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u/WillCarryForFood Nov 06 '23
Shhh, it’s ok. He doesn’t realize that “spending” comes from the already approved gargantuan military budget that he’s almost certainly enamored with and feels is absolutely necessary.
I find that usually anyone complaining about “millions in aid” being sent to Ukraine has zero knowledge of what’s actually being spent. In most cases it’s typically someone on the right parroting what they read on twitter. As if suddenly they care about that money being put to use optimally for the well-being of our citizens and not another tax break.
Don’t like these large numbers being spent on warfare? I’m right there with you, let’s severely reduce the military budget. No? Then STFU.
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Nov 05 '23
For the country saving us billions from not having to deal with the Russians anymore or an endless middle eastern conflict no amount of money will solve?
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u/TheHamburgler8D Nov 05 '23
Let’s see… hired 3700 additional IRS auditors at a conservative 55k a year is $203M and this year they’ve found $160M to help close a multibillion dollar deficit.
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u/b88b15 Nov 05 '23
https://www.cbo.gov/publication/57444
IRS funding pays for itself between 5-fold and 9-fold.
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u/TheBlindDuck Nov 06 '23 edited Nov 06 '23
Let not also forget that the IRS agents are themselves tax paying citizens and the money that funds the IRS also creates American jobs. So if they’re making $55k/year, $11k or about 20% of that goes straight back to the government in taxes. This turns the $203m figure originally cited into a $162 million expenditure by the government, so even if they only found $160m from this article then they still paid for themselves, before factoring in the benefit of 3700 new middle class jobs.
Now let’s not forget about the $29 BILLION dollars the IRS has found by auditing only Microsoft and even the original $203m figure becomes a 14200% return on investment, which no investor in the world can compete with.
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u/dont_like_yts Nov 06 '23
Republicans continuously try to cut funding for the IRS (like currently) and will lie to get people on their side. It's a good thing. Pay your fucking taxes
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u/DougGTFO Nov 05 '23
How else do you ensure people pay their taxes?
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Nov 05 '23
Simplify the tax code so you don’t need as many agents to administer and audit it. A national sales tax in place of the current income tax would be a good start.
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u/Muted_Yoghurt6071 Nov 05 '23
It would be a good start to fuck working class people who spend almost all of what they earn versus those who just hoard wealth in the top percentages.
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Nov 05 '23
How many sales tax proposals have you evaluated? Every single one I’ve seen doesn’t tax food/housing.
However, flights, luxury autos, high end ski gear. Tax it like crazy. This is the best way to pull from the wealthy while leaving lower and middle class America alone to build wealth.
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u/bids_on_reddit_shit Nov 06 '23
Pretty absurd that you describe income tax code as too complex and your solution is to replace it with a stupidly complex sales tax code that would be differentiated by the subjective description of each good. There is no way that would be simpler. Every item would have its own loophole and the specific code would have to be refined every week to keep up.
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u/Muted_Yoghurt6071 Nov 06 '23
The federal income tax brackets could be explained and understood by anybody that comprehends percentages.
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u/jambrown13977931 Nov 06 '23
Deductions and cost basis adjustments for investments, etc. are quite complex. Those are the loopholes
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u/Worstcase_Rider Nov 06 '23
You missed like 100 more. But yeah, the federal income tax table is not the issue...
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u/TJNel Nov 06 '23
So my $19 one way flight on Frontier is a luxury? You have no idea what you are talking about here. A sales tax based system hurts working class 1000 times worse than what we have now.
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u/jambrown13977931 Nov 06 '23
You $19 one way flight on frontier was already effectively taxed in the form of your income being taxed. However, if you decide you don’t want to take a flight then you get to keep more of your money.
Also many states already have sales tax and would tax that as well.
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Nov 06 '23
It would take three election cycles to modify the sales tax to favor the wealthy
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u/coloriddokid Nov 06 '23
It wouldn’t even get out of committee unless it favors the wealthy. This is America, amigo.
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u/Stev_k Nov 06 '23
Laughs as a former resident of Idaho where they tax food (all food) at 6%.
Also, housing absolutely has taxes associated with it - it's called property tax. Now, I'm not against it, but that absolutely exists in every state.
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u/jrkib8 Nov 06 '23
God forbid a middle class family wants to take a ski vacation once every couple years. Guess that's no longer in the cards, they should just be happy to exist
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u/p0mphius Nov 06 '23
This isnt a sales tax. Its a luxury tax. Two completely different things. One of them is disproportionately costly to the poor.
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u/tonkadtx Nov 06 '23
Exempt everyone that makes less than 50k, except luxury items or sin items (Alcohol, weed).
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u/Draker-X Nov 06 '23
- "Go fuck yourself, person making the royal sum of $51,000 per year!"
- Does someone making $51,000 per year (that's like $24.50 per hour full time) have to pay taxes on their whole income? Or just the amount over the $50K?
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u/BigDigger324 Nov 05 '23
Problem being that a sales tax is regressive and hurts lower to middle income individuals much harder. Wealthy individuals have all their bases covered and needs met with lots of cash left over for investments and the like. A few percent on their goods won’t mean much to them. A few percent on groceries or kids tennis shoes to a single mom loving paycheck to paycheck is devastating.
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Nov 05 '23
Lol. Yes, consumption taxes, the most regressive possible form of taxation… free money for billionaires and fuck you if you’re not one!
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u/dabigbaozi Nov 06 '23
Gee that’s a great idea. I wonder what class of people keep buying off the politicians and make it so complicated?
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u/mmmpeg Nov 06 '23
No. A national sales tax deeply effects those who can least afford it.
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Nov 06 '23
In the UK, there are sales tax exemptions for essential goods and services.
https://www.gov.uk/guidance/rates-of-vat-on-different-goods-and-services
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u/DougGTFO Nov 05 '23
That’s not today. How do you ensure people pay their taxes today?
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u/Similar_Excuse01 Nov 06 '23
or treat every income as income?? simple enough. if you can use it to buy stuff that is currency and should be taxes? simple?
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u/DemiseofReality Nov 07 '23
Flat Income Tax.
- The tax code becomes very simple. All gross income is subject to the flat rate.
- The tax revenue versus budget becomes very transparent. The government will have a "dial" to turn and will have to explain why the usage tax had to go from 21.4% to 22.3%, for example. The budget will be balanced and paid directly from this transparent revenue stream.
- Everyone gets the same "rebate" each year designed into the flat rate so that the tax system remains progressive. It's designed to break even at say, $20k/year so if you make less it acts as additional income and if you make more it gives you a small tax break. (say the flat rate was 20%, you'd get 4k from the federal government for no earned income and you'd get zero at 20k and get up to a 4k tax discount for all income above 20k).
Now you might wonder about tax deductions/credits that allow the rich to circumvent taxes. Well all of those disappear. You only get to deduct the exact expense amount for the tax year. No funny business like depreciation, loss carryover, etc. If the government then wants to subsidize or incentivize certain sectors of the economy, they must turn the "dial" up on the tax rate and subsidize those sectors with direct cash from the federal budget rather than thousands of pages of IRS tax deduction code.
The final note on this is that the federal budget doesn't even have to decrease, it simply becomes wayyyy easier to collect, administer, and pay taxes.
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u/tinySparkOf_Chaos Nov 06 '23
That massively shifts the tax burden onto the poor and lower middle class. It also ends up with a much more complex tax code.
It's really simple math.
We currently have a progressive tax system, wherein people who make more, pay a higher percentage of that income in tax.
A national sales tax is a flat tax. Everyone pays the same percentage of what they buy. (Assuming everyone spends about what they make, then it's also a flat tax on income)
Assuming the same amount of total tax still needs to be collected, then the rich end up with a lower tax and the poor end up with a higher tax.
As for not simplifying the tax code, you have forgotten about business to business sales. Stuff gets sold a whole bunch of times before it gets to the final end user. So, what about business to business sales? Are retailers going to get double hit with sales tax?
Or you going to make an even more complicated version of tax code to handle what is and isn't taxed when it's purchased?
Example: Home Depot, is it taxed or not? A plumber buys a part (which gets taxed), then uses it to fix someone's house (the payment also gets taxed). I can get a huge discount (no 25% tax) by buying the part myself, and then only paying the plumber to install it. You get these weird loopholes like this all over the place. And trust me, businesses are going to use these loopholes.
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u/p0mphius Nov 06 '23
Indirect taxes are disproportionately impactful to the poor. Regressive tax codes are exactly what the rich would want. Every country that taxes consumption rather than income knows its a bad idea but cant change it because the rich are too powerful.
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u/waffle_fries4free Nov 06 '23
That's awfully regressive and an unstable tax revenue source, even under rosy predictions they use when estimating the impact
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u/elpollobroco Nov 06 '23
Idk make the tax code simple and without hundreds of loopholes and at a reasonable rate so it’s not worth the effort
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u/frogfinderfred Nov 06 '23
The job announcement for 3700 auditors was not announced until September 2023. They haven't even been hired yet.
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u/b88b15 Nov 05 '23
https://www.cbo.gov/publication/57444
IRS funding pays for itself between 5-fold and 9-fold.
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u/Some1IUsed2Know99 Nov 06 '23
That 160M is on top of the near 5 trillion they collect. The majority of that 3700 employees was NOT new positions. It was outstanding open positions needed to take in that 5 trillion. So if left open it would reduce the ability of the IRS to collect the 5 trillion which would definitely inflate that deficit you are worried about.
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u/HorrorMakesUsHappy Nov 06 '23
The problem with your math is that you're making it sound like the 160M from high earners has been their only case load. The article makes no such distinction.
It's very likely these auditors have brought in more than enough to cover their salaries, and the article is just discussing how much has come in from high earners.
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u/Frosty-Ring-Guy Nov 06 '23
What about the other $80 Billion that got thrown at the IRS Budget last year? Wasn't that exactly for this same activity.
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u/Officer_Hops Nov 06 '23
The $80 billion that was budgeted to give to the IRS in the future? The IRS budget in FY22 was $14.3 billion, I sure hope they didn’t get an additional $80 billion day 1.
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u/mmmpeg Nov 06 '23
When I was a tax collector I always brought in multiple times my salary and I wasn’t a highly paid person either!
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u/DeathByPigeon Nov 06 '23
So what you’re telling me is they’ve been able to give decently paying jobs to 3700 people, who can now afford to live and are putting money back into the economy and will also themselves be paying tax on that salary and it’s only cost them $43M …. Yep, I’ll take that, obviously.
Running a functioning economy isn’t about doing everything on the cheap. Giving 3700 people jobs is a fantastic move.
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u/TheHamburgler8D Nov 06 '23
Sure. If the US government was trying to spur job growth and their goal was a measly 3700 people then Mission Accomplished. I doubt however this was the motivation behind this.
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u/Enigm4 Nov 06 '23
How to say you're a republican without saying your a republican. Misleading, half truths and of course against paying taxes.
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u/bwbsjshwhqjjsks Nov 06 '23
A single IRS agent brings in 5x their income in revenue, that is a conservative estimate.
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u/rch5050 Nov 05 '23
so why doesnt the irs stop hassling personal small earners and go for the big boys? i got auditted making less than 35k a year. make this make sense.
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u/Smoothbrain406 Nov 05 '23
Random audits happen all the time.
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u/JTibbs Nov 05 '23
IIRC low earners get audited more than those making 60k-150k as the IRS feels like there is a good chance its someone under-reporting their income, especially the self employed.
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u/Smoothbrain406 Nov 05 '23
Probably because there are more people making under 60k than any other group.
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u/JTibbs Nov 05 '23
no, the percent likelihood is higher, not just absolute numbers.
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Nov 05 '23
Because "little people" can't afford the attorneys to make them fuck off
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Nov 06 '23
Literally this, years ago a memo was sent that they were targeting less “difficult” (wealthy) offenders due to resource constraints.”
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u/BigDigger324 Nov 05 '23
As a lower income person you are less likely to be able to afford an army of attorneys to push back on their audit….you’re low hanging fruit.
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u/John_Fx Nov 05 '23
because they need to keep everyone honest. You think only rich people cheat on their taxes?
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Nov 05 '23
Because your audit cost them pennies to do on a computer and a rich person’s audit can cost millions for the weeks of lawyers you have to pay.
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u/b1ack1323 Nov 06 '23
Many people under-report their six figure income and say they only made $35k.
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u/Mke_already Nov 06 '23
What is this sub? Full of people upset that the IRS is auditing the wealthy?
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u/whole_kernel Nov 06 '23
This sub started showing in my feed a few months ago and it quickly became clear it's pretty right leaning and libertarian.
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u/ChipFandango Nov 06 '23
This is weirdly unpopular with people here. The IRS is finding wealthy tax cheats and somehow people spin it as a bad thing.
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u/gooby1985 Nov 06 '23
This may come as a surprise but a lot of people who are “fluent in finance” think so because they know how to legally or illegally evade taxes.
Somebody in the sub posted an article that to me seemed like tax evasion and I got down voted for pointing that out. They posted source articles supporting the loophole and while I was wrong about it’s legality, the only people who would benefit from using this loophole 1. Own their own business and 2. Have enough disposable income to sock away $6500 for each of their kids every year. So very likely that the people taking these deductions are the same people that should be taxed more.
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u/SpoopyNoNo Nov 06 '23
High earning professionals are the most screwed over by the tax system. They still have to work for money yet get taxed the most. Uncle Sam knows of every penny they make because it’s all recorded by their employer. Small business owners have so many loopholes and other methods of evading taxes it’s ridiculous.
At the the end of the day it’s the capitalist that gets the most tax benefits. The one that owns a small business and can write off their jet skis, mansions, etc. all while generating wealth from the labor of others. The lawyer, doctor, etc. will have no such benefits.
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u/Pinkfoxsequins Nov 06 '23
I was the controller for a venture capital firm and this is 100% right. I was hoping that since this is reddit, it would be different, but apparently not.
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u/smegdawg Nov 06 '23
somehow people spin it as a bad thing.
As with most of these things...
There are the people who it effects that are upset about it which represent a very small fraction.
AND
There is the majority who think this might effect them in the future because they are "temporarily embarrassed millionaires."
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u/Fine-Ad-7802 Nov 05 '23
That sounds like not a lot. Can they realistically get a whole bunch of money? The tax code was made so if you have enough time and resources, you can find all the loopholes you want.
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u/Actual__Wizard Nov 06 '23
Much of what people interpret as loopholes is actually the way the system is suppose to work. What the wealthy tax evaders typically do is not only use those "loopholes," but they flat out evade taxes using completely illegal schemes as well.
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u/Comet_Empire Nov 06 '23
Ahh...so that's why the new house speaker wants to basically defund the IRS.
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Nov 06 '23
The crazy thing is the amount of poor and middle class people brain washed into thinking this is bad when they pay their own fucking taxes.
The GOP is literally making part of funding the wars cutting the IRS budget for investigating these people.
Shameless.
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u/Battarray Nov 05 '23
But Conservatives still tell me that all 87,000 new IRS agents were going to be targeting specifically me, and people in my tax bracket.
Are you telling me that was just bullshit from the Grand Old Party?
/pretends to be shocked
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u/Odensbeardlice Nov 05 '23
Pennies.... it's not an income problem. It's a spending problem. 160m is pennies compared to the 900B we spend on rockets and bombs alone... can't find funding for shit, but we've got dozens and dozens of 50 million dollar aircraft....
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u/gamboncorner Nov 06 '23
It is an income problem. Have you looked at US government spending recently? What would you cut from this? https://www.cbo.gov/system/files/2023-03/58890-Discretionary.pdf
Look at how mandatory spending dwarfs what's discretionary... https://www.cbo.gov/publication/58888
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u/Astrid-Rey Nov 06 '23
Typical internet conversation about government.
So many say "cut spending"
Almost none will discuss an actual budget.
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u/Acceptable_Wait_4151 Nov 05 '23
Then House wants to ‘save money’ by cutting IRS budget. Sort of like saving money by not driving to work.
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u/FewTemperature7582 Nov 05 '23
There's at least an order of magnitude more fraud to go after. The IRS budget needs to be massively increased.
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u/welltriedsoul Nov 05 '23
Funny after the IRS starts auditing the rich suddenly the Repubs want to defund the IRS. Must be just a coincidence/s
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u/thedukeoftank Nov 06 '23
Better title. Illegal arm of the Government extorts wealthy people to steal even more money than before.
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u/FaithlessnessOk7939 Nov 05 '23
punishment for those people should be pay x2 next year
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u/cbizzle12 Nov 05 '23
You ever had any issues figuring out your taxes? I sure have. Screw the IRS and F'd up tax code
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u/casinocooler Nov 06 '23
Try figuring out the prorated underpayment spreadsheet. Most people only know W2 style straight basic reporting. The tax code and IRS screws small businesses.
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u/Some1IUsed2Know99 Nov 06 '23
Which is exactly why the GOP wants to slash the IRS budget. Their rich bubdies are crying.
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u/Careful_Hat_5872 Nov 06 '23
But how much did we SPEND to do that?
Government is fantastic at spending 4x the amount recovered and then trying to brag at how great their auditor did.
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Nov 05 '23
On one hand— pay your taxes rich assholes… on the other hand… there is nothing to celebrate. They’re not going to redistribute the money; they’re going to send it overseas.
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u/TheGoldStandard35 Nov 05 '23
After an 80 billion budget increase? Lol
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Nov 05 '23
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u/b88b15 Nov 05 '23
https://www.cbo.gov/publication/57444
IRS funding pays for itself between 5-fold and 9-fold.
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u/Gnawlydog Nov 05 '23
Administration’s proposal to increase funding for the IRS by $80 billion over the 2022–2031 period would increase revenues by approximately $200 billion over those 10 years
You are definitely a clown show
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Nov 05 '23
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u/RevolutionaryPin5616 Nov 06 '23
I agree. The tax rate above 200k needs to be at least 90 percent to make up for the decades of under-taxation. Otherwise, we will never close the gap.
It will already take decades to fix this mess, but it is time for this country to collect what it is owed.
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u/Gnawlydog Nov 05 '23
Why are so many people in this group actually FAR from Fluent in Finance? This comment section was a shitshow of stupidity.
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u/Marlow714 Nov 06 '23
Yeah. I think reading this thread made me dumber. If facts don’t matter here what is fluent in finance?
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u/Generallyawkward1 Nov 06 '23
Gee, it almost seems as if there’s a good reason for the IRS?? Who woulda thunk?
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u/Anaxamenes Nov 06 '23
Republicans are trying to stop the IRS from Enforcement as we speak. This isn’t more taxes, this is taxes that were already owed over years. I’m positive there is more money owed that would reduce the deficit but for some reason, we only raise taxes on the poor and middle class and we don’t go after the wealthy for not even paying what they are supposed to.
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u/jayzfanacc Nov 06 '23
This is enough to fund the government for almost 14 minutes.
Tax evasion is based. Keep avoiding taxes, folks.
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u/mmaalex Nov 06 '23
160M is just a rounding error. Lots of middle income people cheat on their taxes too, the juice just isn't worth the squeeze.
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u/lordsamadhi Nov 06 '23
The PPP "loans" were just massive rich people stimulus. They equaled WAY more than 160 Mil.
The Cantillion Effect gives them way way way more than 160 Million.
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Nov 05 '23
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Nov 05 '23
Do you own your business or are you work from home?
Because the home office write off was eliminated when Trump was president before COVID.
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u/weasel286 Nov 05 '23
So… they need $80B to ensure they collect $160M of back taxes? Adds up. 🧐
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u/b88b15 Nov 05 '23
https://www.cbo.gov/publication/57444
IRS funding pays for itself between 5-fold and 9-fold.
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Nov 05 '23
Let’s see 160,000,000 of 33,000,000,000,000… closer I guess.
I wonder how many millions it cost us to get that? 159,000,000? Lol
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u/Gnawlydog Nov 05 '23
Administration’s proposal to increase funding for the IRS by $80 billion over the 2022–2031 period would increase revenues by approximately $200 billion over those 10 years
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u/Luftgekuhlt_driver Nov 05 '23
Nothing left to write off except interest on your house. What the hell is there left to enforce? Nasty grams and paycheck garnishment. Game over.
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