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IRS given additional $60 billion in funding to improve enforcement, collects additional...
Posted on 10/23/23 at 2:24 pm
Posted on 10/23/23 at 2:24 pm
...$160 million in back taxes from "wealthy" in first year.
LINK
Just think, at this rate, the $60,000,000,000 in new IRS funding will pay for itself in only 375 years!
quote:
The Internal Revenue Service (IRS) has brought in $160 million in back taxes from wealthy taxpayers, amid a recent push to crack down on top income earners.
However, the extra funding included in the Inflation Reduction Act has been whittled down, after Democrats agreed to scrap $20 billion of the $80 billion meant for IRS enforcement
LINK
Just think, at this rate, the $60,000,000,000 in new IRS funding will pay for itself in only 375 years!
6
Posted on 10/23/23 at 2:30 pm to LSURussian
The government ladies and gentlemen. Spending a dollar to make a dime.
Posted on 10/23/23 at 2:44 pm to LSURussian
That's money we could be giving to Ukraine.
Posted on 10/23/23 at 2:45 pm to LSURussian
I received a notice from the IRS last week that I had some interest owed from 2021...it had been assigned to a collection agency immediately...not a not, a letter, or a f you. So I paid them a couple hundred, of which they gave the collection agency a piece I am sure....
Can you imagine what Senators family owes the collection companies being used for this gold mine.
Can you imagine what Senators family owes the collection companies being used for this gold mine.
Posted on 10/23/23 at 3:05 pm to OysterPoBoy
quote:
That's money we could be giving to Ukraine
The collections will end up there, no doubt
Posted on 10/23/23 at 3:44 pm to LSURussian
I would kill for the chance to see an independent audit secretly examine how those federal pieces of shite actually spend their days
Posted on 10/23/23 at 8:52 pm to Thundercles
quote:
I would kill for the chance to see an independent audit secretly examine how those federal pieces of shite actually spend their days
Tigerdroppings. Just like us. Only less efficiently.
Posted on 10/24/23 at 10:21 am to LSURussian
Ummmm additional funding?
Unless im missing something this is stating that they are actually receiving less than originally earmarked?
Unless im missing something this is stating that they are actually receiving less than originally earmarked?
This post was edited on 10/24/23 at 11:10 am
Posted on 10/24/23 at 11:16 am to LSURussian
They are not going after the wealthy. They have admitted they cannot compete with their attorneys and CPAs. They are going after the middle class.
Posted on 10/24/23 at 1:25 pm to horsesandbulls
quote:You're missing something.
Unless im missing something this is stating that they are actually receiving less than originally earmarked?
The Biden administration proposed increasing the IRS' funding by $80 billion/year over the prior year. The House of Representatives decreased that request to "only" $60 billion/year in additional funding.
Posted on 10/25/23 at 11:59 am to LSURussian
It's not 80B per year, it's 80B over 10 years, and has been reduced to $60B over 10 years.
And not all of that money is going to enforcement of "rich tax cheats".
I can tell you they are struggling to hire people. They can put out whatever press releases they want... any additional money they collected was either enforcement already in the pipeline, or people getting scared of future enforcement and paying up now.
Interesting, a good chunk of this money is going toward the Direct File program, which has the chance to knock out a lot of the H&R Block and Turbotax types of the world.
And not all of that money is going to enforcement of "rich tax cheats".
I can tell you they are struggling to hire people. They can put out whatever press releases they want... any additional money they collected was either enforcement already in the pipeline, or people getting scared of future enforcement and paying up now.
Interesting, a good chunk of this money is going toward the Direct File program, which has the chance to knock out a lot of the H&R Block and Turbotax types of the world.
Posted on 10/26/23 at 9:34 am to LSURussian
quote:
The Biden administration proposed increasing the IRS' funding by $80 billion/year over the prior year. The House of Representatives decreased that request to "only" $60 billion/year in additional funding.
Is it $80 billion every year or $80 billion in total?
There's a massive difference.
Considering the IRS budget is currently $18 billion, it strikes me as highly unlikely that spending is increasing by $80 billion every year.
It's been pared down to $60 billion and from what I can tell, this funding will be spread across 10 years and most of it hasn't even been spent yet.
Posted on 10/26/23 at 11:16 am to CAPEX
quote:
It's been pared down to $60 billion and from what I can tell, this funding will be spread across 10 years and most of it hasn't even been spent yet.
Correct. It's a huge increase, still, but a lot of this is going to capex.
Posted on 10/27/23 at 10:16 am to LSURussian
quote:
$80 billion/year over the prior year. The House of Representatives decreased that request to "only" $60 billion/year in additional funding.
ok where are you reading this? the original figure was 80 billion over 10 years. I know a lot of news reports buried the "over 10 years" part.
Contrast that with Ukraine Aid totaling about 80 billion in 18 months...
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