I.R.S. Crackdown on Delinquent Millionaires Yields $1 Billion

Comments

• AllNewTypeFace@leminal.space ⁨4⁩ ⁨months⁩ ago

  That’s why they’re so keen about getting Trump back in

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• Spacehooks@reddthat.com ⁨4⁩ ⁨months⁩ ago

  Good shouldn’t be going after common folk when there are way bigger fish to fry.

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• MeatStiq@lemmy.world ⁨4⁩ ⁨months⁩ ago

  This is great, but so far it’s a 1:8 ROI. Let’s target the BILLIONAIRES next.

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  • RizzRustbolt@lemmy.world ⁨4⁩ ⁨months⁩ ago

    7 months ago it was only 25 million.

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  • Clent@lemmy.world ⁨4⁩ ⁨months⁩ ago

    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.

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    • Strykker@programming.dev ⁨4⁩ ⁨months⁩ ago

      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.

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    • Valmond@lemmy.world ⁨4⁩ ⁨months⁩ ago

      Wow, did you know a Billion is 1.000 times more than a Million?

      But keep protecting the ultra rich I guess 🤷

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  • silence7@slrpnk.net ⁨4⁩ ⁨months⁩ ago

    Most of the increased IRS spending was on things like training new hires and updated software.

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• flambonkscious@sh.itjust.works ⁨4⁩ ⁨months⁩ ago

  This is a good start. I gather there’s a tremendous amount of room for progress, however

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• autotldr@lemmings.world [bot] ⁨4⁩ ⁨months⁩ ago

  This is the best summary I could come up with:

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  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!

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• Tronn4@lemmy.world ⁨4⁩ ⁨months⁩ ago

  That’s like 2 billionaires worth?

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• Treczoks@lemmy.world ⁨4⁩ ⁨months⁩ ago

  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…

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