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- cross-posted to:
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Dated: 2024-07-11. Added: 2024-07-11.
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That’s why they’re so keen about getting Trump back in
Good shouldn’t be going after common folk when there are way bigger fish to fry.
This is great, but so far it’s a 1:8 ROI. Let’s target the BILLIONAIRES next.
7 months ago it was only 25 million.
Most of the increased IRS spending was on things like training new hires and updated software.
There are fewer than 1,000 billionaires in the US.
There are over 20,000 millionaires.
Opportunity cost indicates they should finish going through the millionaires first.
We should be eating the billionaires and save the IRS the future effort.
Except each billionaire is worth ~1000x that of a millionaire so their tax delinquency is probably in a similar magnitude higher, go after the billionaires fewer people to work on, and more “reward” for each one.
Only if you assume those people all have only one million dollars.
Billionaires also have 1000x times the resources to pay for accounting firms to back up their tax loop holes. They are often generational wealth so they learned to hide it from birth. The only option is to remove them from the ecosystem. Taxing them isn’t even a half measure. They shouldn’t exist, hence why they should be plated.
I don’t want a few millions of a billionaires assets taxed. I might accept a taxation rate back to 99% like it allegedly was before Ronnie took us down this dark timeline back in the 1980’s but the older I get, the hungrier I become.
And you are also assuming billionaires only have single digit billions.
Nope. The richest US billionaire has 500 billion. So the spread of billionaires exists only in half the space of millionaires. Assuming even distribution between both bounds the most it can be is 500x.
But that’s only part of the problem. Billions buys an entire accountant team to protect their wealth. Billions buy one politicians to create tax loopholes leaving the IRS with nothing.
The IRS is not going to fix our billionaire problem.
Wow, did you know a Billion is 1.000 times more than a Million?
But keep protecting the ultra rich I guess 🤷
You’re not only bad at math and reasoning about large number, your reading comprehension is terrible.
I don’t know how you can read any of what I’ve written in this thread and think I have any interest in protecting billionaires. Dumbfounding.
This is a good start. I gather there’s a tremendous amount of room for progress, however
Time for the IRS to shake those trees a bit harder, there are loads of big fruits to harvest from the tall trees!
Instead, the IRS picks berries from the ground, even though the amount of work spent there is in no relation to the amount of fruit harvested…
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’s like 2 billionaires worth?
