The IRS has brought in $160 million in back taxes from wealthy taxpayers, amid a recent push to crack down on top income earners. The agency said Friday that it had collected $122 million from 100 taxpayers, on top of the $38 million it collected from more than 175 other high-income earners earlier this year. The 100 taxpayers resulting in the latest haul are just a portion of the 1,600 individuals that the IRS is currently contacting for hundreds of millions of dollars in back taxes, according to the agency. https://thehill.com/business/426770...althy-taxpayers-brings-in-160m-in-back-taxes/
The IRS noted that money from the Inflation Reduction Act helped in this crackdown. But yeah, lets get rid of IRS agents so that CEO's can build 51,000 square foot mansions with fraudulent money
GOP will sell this as democrats stealing $160M from honest hard working families. Expect to see them ask for money to stop the senseless over stepping of the government to collect taxes owed.
My guess is the CEO that was building a 51,000 ft home was probably a major donor to the gop. So of course the GOP would want to get rid of all the IRS agents
I don’t get excited about the govt taking peoples money. You did you. HOA presidents get excited about increasing dues as well.
While I don't think the gov't spends money wisely or efficiently, I also don't like the idea that there are individuals who are not paying what they owe (whether they are philosophically opposed to it or not) while I paid exactly what I should have and well into 6 figures. No more - no less.
No, this isn’t akin to raising HOA dues. This is some of your neighbors not paying their HOA dues leaving the burden on you and other homeowners. So the HOA sent a collections agency to get the money owed so you’re not left footing the bill.
…all I’m trying to say is there is a certain personality type that feels excitement about enforcing rules and taking peoples money. I’m not one.
Eh. There's a social contract that you're going to pay your legally required taxes if you want to enjoy the benefits of living in this country. I have no problem with people being held accountable to that standard.
I’m Not trying to be an ass… I never said anything to disagree with your post. I simply said I’m not the type to celebrate the govt getting more money to waste. I understand why some are trying to take my posts in this direction.
Serious question. How much Inflation Reduction Act money was required to execute this crackdown? $160 million from 100 taxpayers is pocket change for the IRS, it seems like they should already have the auditors available to round this up under their normal operations.
The IRS is, or at least was, understaffed (I don’t know currently after the increase in funding) so your assumption/impression is not correct - though I do agree with the sentiment that we should all expect they would be properly staffed. As for your primary question, that is hard to say. Yes, $160MM is relatively small dollars and the IRA allocated an additional approximately $4.5B to enforcement per year which would be an astounding terrible ROI. However, where that goes and how much was spent on these tax evaders I don’t have a clue. There are 213 million other returns to review every year across individuals and businesses, plus the backlog, so I’m sure the vast majority was allocated elsewhere.
