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 Despite facing future budget uncertainty, including $20 billion in potentially rescinded funds, IRS Commissioner Danny Werfel expressed confidence in the agency’s ability to adapt to any upcoming legislative changes.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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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
The recent report by Oxfam about the world’s richest 1% gaining a staggering $40 trillion in wealth over the past decade is mind-boggling. The sheer magnitude of this wealth accumulation is difficult to comprehend, especially considering the economic struggles faced by the middle and working classes during the same period. As the rich get richer, the income disparity between them and the rest of the population continues to widen.
It’s disheartening to see such an enormous amount of money being concentrated in the hands of a few individuals while the vast majority of people struggle to make ends meet. The fact that nearly four out of five billionaires reside in G20 nations only underscores the extent of this wealth gap on a global scale.… Continue reading
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
The recent acquittal of all defendants in the Panama Papers lawsuit due to insufficiently documented evidence of corrupt intent is both disheartening and eye-opening. It is a stark reminder that justice, when faced with overwhelming factual evidence, can still find a way to excuse corruption under the guise of procedural flaws. The Panama Papers, one of the most significant financial exposes in modern history, shed light on the intricate web of tax evasion schemes and money laundering that allowed the wealthy to hide billions in wealth while ordinary citizens bore the brunt of paying their dues.
Panama, known for its lax regulations on tax evasion, was a natural choice for those seeking to evade taxes and operate in the shadows.… Continue reading
The loan that never was, the $50 million that magically appeared on financial disclosure reports, only to disappear into the shadows. The latest saga of Trump’s financial wizardry or, should I say, deception, has now come to light. It’s startling to see the extent to which individuals in power can go to manipulate the system for their gain.
This alleged scheme reveals the lengths to which some may go in evading taxes and portraying a false financial picture to the world. Claiming a non-existent loan to avoid paying taxes on forgiven income, it’s a tale as old as time for the incredibly wealthy and privileged.… 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
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
The recent report suggesting that Trump falsified disclosures over a $48 million loan, potentially evading taxes, shouldn’t come as a surprise to anyone who has been paying attention. The man seems to have made a habit out of evading taxes and engaging in fraudulent activities throughout his career. And yet, he continues to evade any real consequences for his actions.
It’s infuriating to see such blatant disregard for the law and a complete lack of accountability. If any ordinary citizen were to engage in tax evasion or falsify financial disclosures, they would undoubtedly face serious consequences. But when it comes to Trump, it seems like he’s always able to maneuver his way out of trouble.… Continue reading
John Q. Hosedrinker