IRS plans to crack down on 1,600 millionaires to collect millions in back taxes

[groundloop]

Source: ABC News

The IRS announced on Friday it is launching an effort to aggressively pursue 1,600 millionaires and 75 large business partnerships that owe hundreds of millions of dollars in past due taxes.

IRS Commissioner Daniel Werfel said that with a boost in federal funding and the help of artificial intelligence tools, the agency has new means of targeting wealthy people who have “cut corners" on their taxes.

“If you pay your taxes on time it should be particularly frustrating when you see that wealthy filers are not,” Werfel told reporters in a call previewing the announcement. He said 1,600 millionaires who owe at least $250,000 each in back taxes and 75 large business partnerships that have assets of roughly $10 billion on average are targeted for the new “compliance efforts."

Werfel said a massive hiring effort and AI research tools developed by IRS employees and contractors are playing a big role in identifying wealthy tax dodgers. The agency is making an effort to showcase positive results from its burst of new funding under President Joe Biden's Democratic administration as Republicans in Congress look to claw back some of that money.

Read more: https://abcnews.go.com/US/wireStory/irs-plans-crack-1600-millionaires-collect-millions-dollars-103025408

[groundloop]

1. It's no surprise GQPers are insisting the IRS budget be cut.

[Raven123]

2. A long overdue and much welcomed announcement. Thanks for posting.

[Chainfire]

3. Lets see how that works out for the IRS.

Heads will roll if they start demanding fair treatment for the rich.

[twodogsbarking]

4. No problem dodging that bullet.

[Baitball Blogger]

5. Couldn't happen to better people.

[3Hotdogs]

34. Da fuck you mean?

Those are the job creators.

[KPN]

6. This needs a lot of publicity. The wealthy will no doubt largely beat this effort back

with the aid of the Republican crime syndicate, but it's happening under Biden because of growing public awareness and support for equal economic justice. They may be able to throw up barriers to it this time, but public sentiment will not go away. Hopefully, that gets translated into votes down the road. Maybe then, the tide will actually turn.

[live love laugh]

7. Kudos for the targeted approach.

[Fla Dem]

8. It's about time. Best news I've heard in a while!

[4lbs]

9. We'll see if there is a big massive influx of cash from those

1600 millionaires and 75 businesses to the GQP to try to stave off this effort.


Anybody feel like reporting on exploding heads at Focks Nooze, See Ennn Beee See, and Nooze Maxxx?

[AllaN01Bear]

10. and instate a 4% milinares tax like mass did , but make ours nationwide.

[Wounded Bear]

11. K & R...nt

[praxEs]

12. We need a a clever, vivid and pejorative name

for these tax cheats that captures how un-American it is to hide taxable income. It's tantamount to cheating everyone who pays their taxes in that honorable payers may be taxed more because these scoundrels shirk their responsibilities to the rest of us.

Tax cheater, tax dodger and tax delinquent just don't cut it. These terms appear to me to be names that are coined by the tax law criminals.

Suggestions?

[AllyCat]

18. Thieves

[Snackshack]

21. We have several already, take your pick.

Criminals...

or

Republicans...

or

Traitors

or

Un- American

Pretty much all the words the gop has used on anyone trying to inject reason or reality into the psychotic world of the shit stain circus they live in.

[NBachers]

26. The morbidly rich

[Delmette2.0]

13. Plus interest, fines/penalties !!!

[onetexan]

27. THIS!!☝️

[Snackshack]

14. Don't forget about the phucking billionaires...

[BComplex]

38. That's where the REAL back taxes are hiding! The billionaires!

The problem with them is that it would take a room full of masters level attorney CPA's to follow all the money in their tax returns.

[Snackshack]

40. I know

That why there is a very good argument that no body ever wants to hear and that is we have reached a place where one person can become too powerful just because they were in the right place at the right time to capitalize on an investment that now days has returns that are orders of magnitude in size of the traditional returns in capitalism we used to see that were limited in location.

These new global corps simply generate too much wealth to let one homosapien have because if history shows anything it shows how horrid homosapiens can be when they get that much power time and time again.

Also and this is just the simple fact of the physical world we live in. It’s finite. This idea of unlimited grow as a model is insane it cannot be sustained. The cost of living is same for all of us. If the price for a loaf of bread was based off ones income it might be fair to where the 1% were paying $10,000 for a loaf but that is not the case. The minimum needs for survival are the same for all of us. No needs 10 Houses, 20 cars a jet and a yacht. I did not feel a lot of sympathy for the basketball player who complained about having to feed his family when his contract went from number of million of dollar to another number also in millions of dollars.

This will eventually self correct if we do nothing and just let the world keep spinning. Unfortunately the last time things were so unbalanced it took a revolution to correct and many heads were lopped off.

[Sneederbunk]

15. Don't plan, do it.

Does this include the self-reporting billionaire?

[AllyCat]

16. No wonder republicans are trying so hard to stop the IRS.

There goes their campaign finance spigots.

[liberalla]

17. I completely support this effort!

[Martin68]

19. Some people insist taxing the wealthy can't solve any of our problems, but when you that many

millionaires cheating on their taxes, that's a significant amount of money. Particularly when you consider it is probably spread out over decades. They owe us this money.

[Chakaconcarne]

20. Well, looks like the woke IRS is now going after the rich!

[Farmer-Rick]

23. Well, it's about time

They have gone after the poor and middle class for pennies. It's about time they went after the big bucks.

My grandfather never earned more than $30,000 a year. He only completed the 8th grade. Yet the IRS audited him every year for about 6 years. All the while ignoring the millions people like Trump's Nazi father weren't paying.

I got audited while in the Navy. They couldn't have found someone who wasn't serving their country to audit? Maybe like Trump.

Luckily I had an accountant who beat them back. They ended up owing me money.

The IRS knows what you make. They know how much money you got. They know all the ever changing, confusing rules that the filthy-rich get the GQP to pass.

So, why don't they just give us a bill on tax day instead of playing a game of gotcha when you inevitably make a mistake?

Other countries like England send bills. You fill out a form and the government figures out what you owe. I'm sure there's some kind of appeals process if the government gets it wrong. But at least no cat and mouse games.

The IRS is a mess.

[3825-87867]

22. But, but, but...

Hunter Biden's unpaid (but paid late with interest) back taxes!!!

Surely the Republicans will look into those 1600, right?

[Bayard]

24. I predict a lot of amended returns being filed in a hurry

I want to see them going after corporations who use every trick in the book to keep the money for their shareholders. That's going to be the problem--a lot of them skate right on the edge.

[peppertree]

25. If the IRS wants to hit the jackpot, tell them to look into Paul Singer's Caymans laundromat NML

It's said to be a veritable who's-who of plutocrats - especially Republican ones.

[ZonkerHarris]

28. well then Im in the clear.

[swong19104]

29. If the tax receipts are significant

highlight that by saying, "The federal government, which means you, the people of the United States, took in an additional $30B (or whatever) in federal taxes just by demanding the money from the super wealthy who have neglected to honestly pay their fair share of taxes. No additional amount of taxes were levied or taken from anyone with a net asset value under $5 million (or whatever)."

I'm not sure whether the common clay would understand the meaning of "levy" and "net asset value", so those words may need to be massaged.

[usaf-vet]

30. What does this mean. Are there at least 1600 accountants and attorneys going to jail while....

.... the millionaires jump on their jets and yachts and leave the country to live the good life.

[Novara]

31. They'd better, dammit

When I owed back taxes they fucking hounded me for five years while I paid them back on an installment plan. If they treated these assholes like they treat the little people who don't even owe much, imagine how much money they'd collect in back taxes.

[Magoo48]

32. Good News. Now, go after the billionaires twice as hard.

[republianmushroom]

33. Do it, Willis, just do it.

[BWdem4life]

35. Oh crap, I plan to be a millionaire some day!

This is really bad timing.

[Yo_Mama_Been_Loggin]

36. So long as they don't mess with th billionaires - Moscow Mitch

[bluestarone]

37. How about you start with the one that's being audited for years and years

FIRST on the list please. TFG'S

[miyazaki]

39. As opposed to the poor working stiffs who are gonna get a break

NOT.