” Be thankful I do n’t take it all /’ Cause I’m the taxman”. —The Beatles,” Taxman”
Remember when the Democrats passed the delightfully titled” Inflation Reduction Act” and handed$ 80 billion to the IRS? As part of the loan sky agreement, Congress shaved a quarter of that off, but that still leaves citizens owing the taxpayer more than$ 60 billion.
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What do we need to show that we gave the IRS tens of billions of our hard-earned income? Left-winging fantasies media produces, like the one the IRS unveiled on Thursday:
The Internal Revenue Service today announced that the agency has crossed the$ 1 billion mark in collections from high-wealth taxpayers with past-due taxes as part of ongoing compliance efforts under the Inflation Reduction Act.
The IRS has increased activity specifically in response to 1, 600 individuals whose incomes were more than$ 1 million annually and who each owed the IRS more than$ 250, 000 in recognized tax debt as part of larger efforts. Since last fall, this IRS compliance initiative has collected more than$ 1 billion in collections from this organization, and work is still going on in this field.
You can picture the bony, pointed fingers and spittle flitting from liberals ‘ lips as they yell,” It’s about time the wealthy paid their fair communicate”!
Not so quickly. Our$ 60 billion, umm, investment is n’t exactly filling the federal coffers. Eric Boehm of Reason’s Eric Boehm says that” the annual campaign has generated sufficient money to fund the federal government for…about 90 days.”
That did n’t stop the IRS from gloating.
According to IRS Commissioner Danny Werfel,” Our improved work in this area means these past-due tax payments from high-end citizens are no longer being left on the table, like they were very frequently in the past.”
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And it’s all thanks to the Biden administration’s crazy expansion of government. The Inflation Reduction Act funding, in addition to reversing a decade-long decline in our compliance work, we are also increasing our compliance work involving the wealthiest individuals and groups with tax issues, according to Werfel ( who is most obviously not 1996 Heisman Trophy winner Danny Wuerffel ). The enormity of what can be accomplished over the long run as our Inflation Reduction police continues to increase in the weeks ahead are revealed by the series results obtained in less than a year.
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You’d better think that far-left sources are spiking the sport.
According to Jason Easley at PoliticusUSA,” It is a historic milestone as President Biden and congressional Democrats increased funding for the IRS to go after wealthy people who were n’t paying their fair share,” the result has been a billion dollars in recovered funds.
The announcement is described as” a milestone meant to demonstrate how the organization is using the money it received as part of the Biden administration’s signature climate, health care, and tax package signed into law in 2022,” according to Fatima Hussein of The AP.
Here’s the point: if these people are justifiably cheating on their taxes, next someone needs to hold them responsible. But we should n’t rejoice too much at the IRS’s efforts to soak the rich. The tax collectors have n’t earned their keep yet, so they wo n’t stop at “high-end taxpayers”.
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When the IRS has wrung as much as it can from the wealthy, it moves on to the middle class and the poor. One math problem, one honest error with a certificate, one payment too many, and Werfel’s henchmen are heading your way. And it’s all because the organization’s” Prices Reduction Enforcement” is” continuing to increase in the months away.”
Boehm makes a strong point when he states that sending the IRS to dig through the proverbial couch cushions of the wealthy—and probably a lot of less-than-wealthy people as well—will only cause a lot of headaches for Americans who almost certainly did n’t intend to underpay their tax bills and give the IRS the occasional opportunity to issue press releases boasting about how well is doing its job.
Best believe that the IRS may ensure that everyone, not just the wealthy, receives their” good share” of the tax. Therefore watch your backs, too, folks.
