(CBS NEWS) - The IRS said Thursday that its plan to crack down on wealthy tax cheats is paying off, with the agency collecting more than $1 billion since targeting high-income earners who owe the government money. The joint announcement with the U.S. Treasury Department is meant to highlight that the IRS’ $80 billion in funding from the 2022 Inflation Reduction Act is helping to recoup revenue for the nation’s coffers. Some Republican lawmakers had falsely claimed that the funding would be used to hire 87,000 new IRS agents to “to audit Walmart shoppers.” But the IRS has said the new funding is being used to hire customer service agents to answer more calls and improve its technology after the pandemic shuttered its offices and caused years of processing delays and snarls. The agency is also stepping up the number of audits on people with more than $1 million in annual income and more than $250,000 in tax debts. Federal officials have said they are chiefly pursuing wealthy individuals and large IRS says it has clawed back $1 billion from millionaire tax cheats
Thank you Diamond Joe for making us possible. This has to be upsetting to a certain group of people on this board who are against making millionaires and billionaires pay up
Well other than Ackerman, the mega rich and billionaires don’t vote republican anymore. So that’s just 1b taken from joy Reid, Clooney and Romney. I’m cool With that.
Impressive - from the linked article in the OP: "In May, IRS Commissioner Danny Werfel outlined the agency’s plans to increase enforcement, with plans to triple its audit rates of corporations with assets of more than $250 million and increase audits by 50% for individuals with more than $10 million in total positive income." So, in May of 2024 the IRS Commissioner outlines a plan; and, in July, per Janet Yellen, it has already accounted for $1B worth of taxes. Again, per the OP: “President Biden’s Inflation Reduction Act is increasing tax fairness and ensuring that all wealthy taxpayers pay the taxes they owe, just like working families do,” U.S. Secretary of the Treasury Janet Yellen said in a statement. “A new initiative to collect overdue taxes from a small group of wealthy taxpayers is already a major success, yielding more than $1 billion in revenue so far.” I cannot tell you how impressed I am of this new government efficiency going from outlining a plan in May to collecting over a Billion dollars less than 60 days later. OMG, that' amazing. I totally buy everything that is portrayed in this press release. If the government says it, I'm buying it - they are always forthright and honest with us. Note how the headline starts: "IRS says..."
The fact that his approach is “people I don’t like” should be subject to taxation so I don’t care, vs “people I do like” is fundamentally flawed. Nutso/bizarre even.
First a Heisman and National Championship, and then collecting billions in owed taxes? Danny Werfel is truly amazing.
Not really the case. How they vote with the dollars is the real indicator and contributions to Trump's campaign and Republican leaning Super PACs is pouring in from the ultra rich. Billionaire donors rally back to Trump 18 of Trump's most wealthy backers The billionaires rallying behind Trump after his conviction
The post quoted above is a gross misrepresentation of reality, especially where Wall Street $Billionaires are concerned. Ken Griffin - Hedge Fund Patrick Ryan - Insurance/Investments Steven Schwarzman - Investment Advisor Charles Schwab - Investments Paul Singer - Hedge Funds Warren Stephens - Investment banking Just a handful of the $Billionaires who donate to the largest Republican Super PACs.
