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BumRushDaShow

(141,321 posts)
Fri Sep 6, 2024, 08:24 AM Sep 6

IRS says it has recovered $1.3 billion in unpaid taxes from rich Americans

Source: CBS News

September 6, 2024 / 5:00 AM EDT


The IRS said Friday that it has recovered $1.3 billion in unpaid taxes from high-income Americans who had either failed to file their returns or who hadn't fully paid what they owed.

The announcement, made jointly with the U.S. Treasury Department, is aimed at highlighting the agency's ramped-up enforcement efforts against tax cheats, which have been funded under the 2022 Inflation Reduction Act.

That IRS funding has proved controversial, with some Republican lawmakers falsely claiming the money would be used to hire 87,000 new IRS agents to "to audit Walmart shoppers."

Instead, the IRS says the money is being invested in improved customer service following years of snarls during the pandemic, as well as to increase the number of audits on people with more than $1 million in annual income and more than $250,000 in tax debts.

Read more: https://www.cbsnews.com/news/irs-recovered-1-3-billion-unpaid-taxes-wealthy-taxpayers-audits/



Link to Department of Treasury PRESS RELEASE - U.S. Department of the Treasury, IRS Announce $1.3 Billion Recovered from High-Income, High-Wealth Individuals Under Biden-Harris Inflation Reduction Act Initiatives
37 replies = new reply since forum marked as read
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IRS says it has recovered $1.3 billion in unpaid taxes from rich Americans (Original Post) BumRushDaShow Sep 6 OP
Tip of the iceberg. dutch777 Sep 6 #1
The microscopic tip. (n/t) OldBaldy1701E Sep 6 #14
No pat on the back for the IRS. 1.3 billion is a drop in the bucket. Autumn Sep 6 #2
A good start WmChris Sep 6 #3
Not really. nt Autumn Sep 6 #4
Please. 🙄 Oopsie Daisy Sep 6 #12
Please yourself. Wake me up when they go after church's nt Autumn Sep 6 #13
😴💤🛌 Oopsie Daisy Sep 6 #23
Guess you'll be sleeping a while their, Rip. paleotn Sep 6 #32
Thanks, my family thinks I'm perfect too . The fucking wealthy should not pay less of a tax rate than Autumn Sep 6 #33
I'll pat them on the back. PSPS Sep 6 #6
There will be no mind-boggling numbers until the tax code is reformed and the wealthy and corporations Autumn Sep 6 #34
Shitting on progress is not helpful. This should be celebrated. I'll happily give a pat-on-the-back for this good news! Oopsie Daisy Sep 6 #11
Yeah, nice headline but not much compared to the 4 and a half trillion collected annually. progressoid Sep 6 #15
It would be much more of a good job if they informed tax payers just how much billionaires Autumn Sep 6 #16
That makes no sense. Refunds are tax overpayments. This is about unpaid taxes. Hermit-The-Prog Sep 6 #24
It's the deductions not overpayments. . No billionaires pays too much in taxes to get the refunds they get Autumn Sep 6 #27
That still makes no sense. If you pay more than you owe, you get a refund. Hermit-The-Prog Sep 6 #28
If what I post makes no sense to you just scroll on by. nt Autumn Sep 6 #30
I know where it can recover at least 100 million gab13by13 Sep 6 #5
"TSF claimed a 651 million dollar deduction on his Chicago tower" BumRushDaShow Sep 6 #8
Weren't a lot of the 87,000 "new" agents just filling vacant positions? OnlinePoker Sep 6 #7
Yes, and the 87K will be over 10 years TexasBushwhacker Sep 6 #35
Now do the tax exempt churches and tax exempt foundations travelingthrulife Sep 6 #9
Call me when it's a $ trillion pfitz59 Sep 6 #10
Let's not forget "stepped up basis" for passing on assets to heirs TexasBushwhacker Sep 6 #36
Finally, it's about time 👍 TommieMommy Sep 6 #17
I guess it is real money to the folks involved, but its not a lot of Federal money bucolic_frolic Sep 6 #18
Give the IRS the manpower to enforce and many budget problems will be lessened. Martin68 Sep 6 #19
So, that's one of two people, right? dchill Sep 6 #20
Happy Dance time!! keep going!! mitch96 Sep 6 #21
Good start-good news happy feet Sep 6 #22
Yeah are any of these people been charged and sent to prison like they are doing to Bev54 Sep 6 #25
FORMIDABLE!!! Mme. Defarge Sep 6 #26
Now if they could only recover the money the majority of Americans never actually have seen under Reaganomics. cstanleytech Sep 6 #29
Much of it was donated to the Repuke Party FakeNoose Sep 6 #31
"to audit Walmart shoppers" ? LiberalFighter Sep 6 #37

paleotn

(19,059 posts)
32. Guess you'll be sleeping a while their, Rip.
Fri Sep 6, 2024, 04:36 PM
Sep 6

No offense, but you're one of those "perfect" people. No incremental gains. No pragmatism. Always throwing away the good in a fruitless search for the perfect....and accomplishing nothing in the process.

Autumn

(46,005 posts)
33. Thanks, my family thinks I'm perfect too . The fucking wealthy should not pay less of a tax rate than
Fri Sep 6, 2024, 05:26 PM
Sep 6

hard working Americans. It's not my job to accomplish anything in the IRS. But do go on giving your kudos to whoever you think needs them for doing a job they are paid to do.

PSPS

(14,115 posts)
6. I'll pat them on the back.
Fri Sep 6, 2024, 08:41 AM
Sep 6

This program is in its first year, so you can't expect mind-boggling numbers immediately. I'll say, "You're doing good work. Keep going and get more from the parasites."

Autumn

(46,005 posts)
34. There will be no mind-boggling numbers until the tax code is reformed and the wealthy and corporations
Fri Sep 6, 2024, 05:30 PM
Sep 6

pay a fair share of their taxes.

Oopsie Daisy

(4,424 posts)
11. Shitting on progress is not helpful. This should be celebrated. I'll happily give a pat-on-the-back for this good news!
Fri Sep 6, 2024, 10:13 AM
Sep 6

Last edited Fri Sep 6, 2024, 12:56 PM - Edit history (1)

Joe Biden signed the 2022 Inflation Reduction Act

https://en.wikipedia.org/wiki/Inflation_Reduction_Act

The act includes a large expansion of the Internal Revenue Service, and involves the hiring of up to 87,000 new employees, with a reported increased number of audits expected as a result. You know perfectly well that these employees are not INSTANTLY hired all at once. Additionally, they must be trained, and the process of notifying and collecting isn't an overnight process easily. I know that many folks are eager and impatient, and some want everything instantly and yesterday, and rarely is anything ever good enough... but I live in the real world, and I'm exceedingly pleased with how much progress (PROGRESS as in "progressive'') is being made in this area.

CONGRATULATIONS TO EVERYONE INVOLVED!! A tip of the hat and a pat on the back to them all!!!

Autumn

(46,005 posts)
16. It would be much more of a good job if they informed tax payers just how much billionaires
Fri Sep 6, 2024, 10:20 AM
Sep 6

get back on their tax refunds.

Autumn

(46,005 posts)
27. It's the deductions not overpayments. . No billionaires pays too much in taxes to get the refunds they get
Fri Sep 6, 2024, 11:34 AM
Sep 6
The OP is about the IRS collecting 1.3 billions from wealthy people. I got no kudos to give about that. When it hits the trillion mark then I might celebrate.

Hermit-The-Prog

(36,561 posts)
28. That still makes no sense. If you pay more than you owe, you get a refund.
Fri Sep 6, 2024, 12:06 PM
Sep 6

If you file a return with false deductions to get that refund, you're more likely now to get caught. See the OP. If you fail to file a return even though you're required to, you're more likely now to get caught. See the OP.

gab13by13

(24,771 posts)
5. I know where it can recover at least 100 million
Fri Sep 6, 2024, 08:41 AM
Sep 6

TSF claimed a 651 million dollar deduction on his Chicago tower during the pandemic, formed a holding company and double dipped the deduction.

Tax experts state he stole at least 100 million.

The IRS and Garland don't give a shit I guess.

BumRushDaShow

(141,321 posts)
8. "TSF claimed a 651 million dollar deduction on his Chicago tower"
Fri Sep 6, 2024, 09:21 AM
Sep 6

Where is the state of Illinois?

After 50 years of crimeing, the state of NY under AG Tish James, finally got his ass for the same sort of thing with his NY properties.

So where is the Attorney General of the state of Illinois looking at that kind of tax fraud as he is surely breaking state laws?

OnlinePoker

(5,829 posts)
7. Weren't a lot of the 87,000 "new" agents just filling vacant positions?
Fri Sep 6, 2024, 09:01 AM
Sep 6

They didn't increase the IRS roster by 87,000, just brought it back to where it was supposed to be.

pfitz59

(10,845 posts)
10. Call me when it's a $ trillion
Fri Sep 6, 2024, 09:53 AM
Sep 6

ALL executive compensation, including stocks must be taxed as regular wages. Loans against stocks in lieu of wages must be taxed. Foreign income must be taxed. Carryover losses and other bullshit clauses must be eliminated. I think the 'equal protection' clause should be used to force these exceptions to go away.

TexasBushwhacker

(20,646 posts)
36. Let's not forget "stepped up basis" for passing on assets to heirs
Fri Sep 6, 2024, 09:49 PM
Sep 6

I don't want anyone to lose a family farm or business over inheritance taxes, but no one should be able to pass on appreciated assets worth BILLIONS without paying tax on those capital gains. This is still the United States and we left behind the generational wealth of the royalty and landed gentry behind when the first settlers came over on the Mayflower. The US tax code should not be in the business of perpetuating dynasties. It's fucking UNAMERICAN.

happy feet

(1,070 posts)
22. Good start-good news
Fri Sep 6, 2024, 11:01 AM
Sep 6

a result of the increased funding of the IRS to target the rich for tax evasion. I wish media would do better job of reporting on successes of our government - e.g. increased and all time high of those signed up for ACA - a reminder to voters of the importance of who we elect and their priorities --- where out tax $$$ go for the greater good.

Bev54

(11,910 posts)
25. Yeah are any of these people been charged and sent to prison like they are doing to
Fri Sep 6, 2024, 11:17 AM
Sep 6

Hunter Biden, years after he already paid his arrears

cstanleytech

(26,921 posts)
29. Now if they could only recover the money the majority of Americans never actually have seen under Reaganomics.
Fri Sep 6, 2024, 12:22 PM
Sep 6
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