IRS collects milestone $1 billion in back taxes from high-wealth taxpayers
One billion dollars. That’s a hefty sum, no matter how you slice it. And the fact that the IRS has managed to collect this impressive milestone in back taxes from high-wealth taxpayers is certainly a cause for some reflection. It’s a step in the right direction, a small victory in the ongoing battle to ensure that those who have the means to contribute their fair share actually do so.
The Treasury’s proposal to crack down on partnership basis shifting, which could potentially bring in over $50 billion in revenue over the next decade, is a significant move. It sheds light on the various loopholes and mechanisms that some high-wealth taxpayers have been using to avoid paying their dues.… Continue reading
John Q. Hosedrinker