Since receiving increased funding in 2022, the IRS has recovered $4.7 billion in back taxes and criminal proceeds, including $1.3 billion from wealthy tax evaders and $2.9 billion from criminal investigations. These collections, which also benefited from whistleblower information, come as Republicans, who will control Congress, plan to revisit tax laws and potentially reduce IRS funding. Despite facing future budget uncertainty, including $20 billion in potentially rescinded funds, IRS Commissioner Danny Werfel expressed confidence in the agency’s ability to adapt to any upcoming legislative changes. The future of the IRS’s funding and leadership remains uncertain with a potential new commissioner nominated by Donald Trump.
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Following Deputy Treasury Secretary Wally Adeyemo’s statement that the IRS requires an additional $20 billion to maintain operations, Elon Musk conducted a poll on X, asking users whether the agency’s budget should be increased, remain the same, decreased, or deleted. A significant majority (60.6%) of over 212,000 respondents voted to “delete” IRS funding. This comes as a continuing resolution prevents the IRS from accessing $20 billion in previously allocated funding, potentially halting progress on tax compliance initiatives. Experts warn that withholding these funds could severely impact the IRS’s ability to function.
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The news of the Treasury recovering $1.3 billion in unpaid taxes from high wealth tax dodgers is both encouraging and concerning. On one hand, it is a step in the right direction towards holding the ultra-rich accountable for their fair share of taxes. It is about time that those who have been living lavishly while evading taxes are being made to pay up. The fact that almost 80% of the 1,600 millionaires targeted by the IRS have now made payments shows that these individuals were well aware of their tax obligations but chose to dodge them until they were caught.
This recovery of unpaid taxes sheds light on the extent of tax evasion among the wealthy and the need for stricter enforcement and consequences for such actions.… Continue reading
As I sit here and read about the staggering $150 billion a year in tax evasion by millionaires and billionaires, as reported by the IRS chief, I can’t help but feel a mix of anger, frustration, and disappointment. This number is not just a statistic; it represents a massive drain on our economy, on our society, and on the very fabric of our democracy. The fact that this level of tax evasion is happening, while hard-working Americans struggle to make ends meet, is a stark reminder of the gross wealth inequality that plagues our country.
It is no secret that the wealthiest individuals and corporations have the means and resources to exploit legal loopholes, offshore accounts, and complex tax schemes to avoid paying their fair share.… Continue reading
The recent announcement by the IRS that it will collect an additional $560 billion from rich tax cheats thanks to the Inflation Reduction Act is a significant development in the battle against tax evasion. As someone who believes in the importance of everyone paying their fair share, I am pleased to see the government taking steps to hold the wealthy accountable for their financial responsibilities.
It is disheartening to think that there are individuals who have been evading taxes for years, while the rest of us work hard to fulfill our obligations. The fact that audits of millionaires and billionaires have decreased due to the IRS’s lack of funding is alarming.… Continue reading
John Q. Hosedrinker