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 ponder the recent news of the IRS launching a crackdown on 125,000 wealthy ‘non-filers’, I can’t help but wonder about the implications of such a move. The idea that individuals, particularly those classified as wealthy, have been able to evade filing taxes for such an extended period is concerning, to say the least. It brings to light the disparity in tax compliance between various income brackets and raises questions about the effectiveness of our tax enforcement system.
The fact that Republicans have been actively working to slash IRS funding further adds to the complexity of the situation. It begs the question of whether there are underlying motives behind such actions and if they are in the best interest of the general population.… Continue reading
John Q. Hosedrinker