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
dutch777
(3,292 posts)OldBaldy1701E
(5,782 posts)Autumn
(45,785 posts)Let's hope the good work continues.
Autumn
(45,785 posts)paleotn
(18,767 posts)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
(45,785 posts)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
(14,008 posts)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
(45,785 posts)pay a fair share of their taxes.
Oopsie Daisy
(3,994 posts)Last edited Fri Sep 6, 2024, 01:56 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!!!
progressoid
(50,395 posts)Autumn
(45,785 posts)get back on their tax refunds.
Hermit-The-Prog
(36,144 posts)Autumn
(45,785 posts)Hermit-The-Prog
(36,144 posts)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.
Autumn
(45,785 posts)gab13by13
(23,929 posts)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
(137,634 posts)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
(5,791 posts)They didn't increase the IRS roster by 87,000, just brought it back to where it was supposed to be.
TexasBushwhacker
(20,589 posts)So they haven't all been hired yet.
travelingthrulife
(275 posts)Good on a well funded and staffed IRS.
pfitz59
(10,723 posts)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
(20,589 posts)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.
TommieMommy
(607 posts)bucolic_frolic
(45,767 posts)Martin68
(24,020 posts)dchill
(39,676 posts)Keep working!
mitch96
(14,428 posts)happy feet
(1,037 posts)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
(11,390 posts)Hunter Biden, years after he already paid his arrears
Mme. Defarge
(8,411 posts)cstanleytech
(26,801 posts)FakeNoose
(34,704 posts)That's how we got RED-SCOTUS
LiberalFighter
(53,112 posts)How will that be done?