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IRS Has Collected Over $1B From Wealthy Tax Cheats, Thanks to New Funding (truthout.org)

submitted 1 month ago by jeffw@lemmy.world to c/politics@lemmy.world

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[-] cosmicrookie@lemmy.world 22 points 1 month ago

The average American feel as though they were going to be targeted by the IRS, rather than the wealthiest 1 percent of Americans

This is the problem with American politics and American economics.

The average America feels that they are, or belong to, the wealthiest 1%

[-] CharlesDarwin@lemmy.world 7 points 1 month ago

The average America feels that they are, or belong to, the wealthiest 1%

"John Steinbeck once said that socialism never took root in America because the poor see themselves not as an exploited proletariat but as temporarily embarrassed millionaires."

I think one of the earliest moments in my political awakening was, while watching a TV debate between two local politicians, I remember remarking to my friend that the older guy seemed to be more reasoned, etc. (I was like 8 or 9). The head of the household overheard this, and - this was in a trailer in a very depressed area of the country, mind you - all of us were quite poor - turned beet red, and shouted, HE WANTS TO RAISE MY TAXES!!!!

That is the source of so many problems in this country. These people really do think they are going to be living like kings and queens if it wasn't for "taxes".

[-] cosmicrookie@lemmy.world 5 points 1 month ago

The funny thing is, that they could be living like kings and queens if everybody did pay their taxes

[-] GiddyGap@lemm.ee 3 points 1 month ago

Maybe not like kings and queens, but it would certainly help create equality. Having lived in several European countries for many years, it's quite unreal to see the enormous inequality in the US being mostly defended by the people who would benefit the most from its dismantling.

[-] danc4498@lemmy.world 3 points 1 month ago

This is the problem with parties that only win by fear mongering. Their dishonesty results in our progress being held back.

[-] CharlesDarwin@lemmy.world 16 points 1 month ago

Defunding the IRS will become even higher priority item for the cons.

[+] Coach@lemmy.world -93 points 1 month ago

...and it only cost $80B to do it. 🙄

[-] ignirtoq@fedia.io 81 points 1 month ago

The $80 billion is spread over 10 years, and Republicans have already reduced that by $20 billion. Also, that's the total increase in funding from the Inflation Reduction Act, whereas this $1 billion recovered is only one success story of many. Please don't make such misleading statements.

[+] Coach@lemmy.world -61 points 1 month ago* (last edited 1 month ago)

The Inflation Reduction Act, which passed in 2022 without any Republican votes, approved about $80 billion for the IRS over a 10-year period.

Democrats say the money is meant to help the IRS ramp up its enforcement efforts on high-income taxpayers as well as improve its archaic taxpayer services system.

From a linked article. I'm not sure how much the "archaic taxpayer services system" costs, but my comment is accurate.

[-] ignirtoq@fedia.io 64 points 1 month ago

Your comment is technically accurate, but leaves out context and relevant information, which makes it misleading. My comment is accurate as well.

[-] czech@lemm.ee 44 points 1 month ago

Your comment would be accurate if it cost them $80B to recover $1B.

Your own quote points out:

$80 billion for the IRS over a 10-year period.

Which makes your comments misleading, not accurate.

[+] anticolonialist@lemmy.world -34 points 1 month ago

So in other words it cost $8b to recover $1b? And this is seen as a good thing?!?! That make as much sense as toilet paper math

[-] czech@lemm.ee 33 points 1 month ago

Economists at Harvard studied a four year period and concluded the IRS gains $4.25 for every $1 spent on auditing wealthiest tax payers.

I wonder if the IRS can immediately recover funds with a magic wand or if it's a protracted, investigative process.

https://www.businessinsider.com/irs-tax-audits-recover-12-dollars-for-every-dollar-spent-2023-6

[-] bamboo@lemmy.blahaj.zone 17 points 1 month ago

Obviously the minute $80b was allocated, the IRS should have immediately brought in $340b, that's how math works, right?? /s

Seriously though, outside of the direct revenue claimed by this, having a well funded IRS sets a precedent to be honest on taxes. If people know the IRS is understaffed, and hear about billionaires (and former presidents) paying nothing in taxes, why should the average American feel they should be honest and pay their fair share? Only time will tell, but we can look back and see if reported tax payments increased significantly because of IRS funding, outside of money brought in from audits.

[-] bolexforsoup@lemmy.blahaj.zone 14 points 1 month ago* (last edited 1 month ago)

You are deliberately oversimplifying this to make a conservative talking point. Stop it. We all know what you’re doing. Take this crap back to /r/conservative. They thrive on overly reduced, flippant one liners that validate their worldview.

[+] Coach@lemmy.world -66 points 1 month ago

If the program costs $80B, then it costs $80B. And it's taken in...well, lemme check my records...$1B.

Sorry if my brain can't do the mental hula hoops it takes to calculate that any other way.

[-] NaibofTabr@infosec.pub 41 points 1 month ago

The IRS cost $16B total to operate in 2023. Federal tax revenue in 2023 was $4.44T.

This idea that you're trying to project, that funding the IRS is somehow not worth the cost, is absolutely bonkers.

[-] czech@lemm.ee 9 points 1 month ago

Your quote states they get $80b over ten years. How many years has it been? You got this!

[-] Nerdrage717@lemmy.world 2 points 1 month ago

To be fair, if it costs 80b in 10 years and has only been implemented for 2 years, then it only cost 16b to recover 1b.

[-] borf@lemmynsfw.com -1 points 1 month ago

Lol you're funne u should grk fakmo lmao

[-] BigMacHole@lemm.ee 15 points 1 month ago

Agreed! It'd be MUCH BETTER if we used that 80B to PAY for those Millionaire's and Billionaire's Yachts INSTEAD of collecting over a BILLION in less then a Year!

this post was submitted on 12 Jul 2024

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