- cross-posted to:
- [email protected]
- cross-posted to:
- [email protected]
cross-posted from: https://sopuli.xyz/post/14698725
You must log in or # to comment.
If 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.
Thanks Joe Brandon
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
I wonder how many were close to $1 mm and how many were closer or > $1 Bn?
This is the best summary I could come up with:
The Biden administration’s yearlong effort to crack down on delinquent rich taxpayers has yielded $1 billion, a milestone that the Treasury Department said on Thursday was the result of beefed-up enforcement by the Internal Revenue Service.
The Biden administration, which initially signed a law giving $80 billion to the agency, continues to contend with attempts by Republicans in Congress to claw back more of the money.
“Efforts to increase tax fairness and bring in revenue from high-end taxpayers who have not paid what they owe are already paying off to the American people,” Treasury Secretary Janet L. Yellen said during a briefing with reporters.
commissioner, said that because of the agency’s larger enforcement staff, it has been able to focus on tracking down and sending letters to wealthy taxpayers who owe money.
And it has been ramping up audits of hedge funds and real estate investment partnerships and cracking down on abuse of corporate jets for personal travel.
had been too slow to resolve identify theft cases and that it was not doing a good enough job answering the phones when taxpayers called with questions.
The original article contains 453 words, the summary contains 185 words. Saved 59%. I’m a bot and I’m open source!
That seems super low tbh
MIC seeing this as a bonus
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.
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.
