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IRS collects milestone $1B in back taxes from high-wealth taxpayers

(apnews.com)
95 points gmays | 2 comments | 27 Jul 24 02:48 UTC | HN request time: 0.445s | source
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yeuxardents ◴[27 Jul 24 05:05 UTC] No.41084566[source]▶
Didn't congress add 30bln to the IRS budget solely for this purpose, and the return is 1bln? I wonder if they even know what the outlays are for collection...will they ever collect more than the 30bln they allocated? How much does everyone need to be squeezed just to retrieve that 30bln allocation...All the smartest wealthiest people have the best accountants and moved/invested/capexd their money legally to begin with, within the letter of the law and rules anyway.
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JumpCrisscross ◴[27 Jul 24 05:07 UTC] No.41084571[source]▶
> Didn't congress add 30bln to the IRS budget solely for this purpose

$80bn through 2031, or about $8bn per year [1]. That is projected to buy us well over a trillion dollars of new revenue [2].

FTA: “In June, the Treasury proposed a rule and guidance that includes plans to essentially stop “partnership basis shifting” — a process by which a business or person can move assets among a series of related parties to avoid paying taxes. That could raise more than $50 billion in revenue over the next decade, Treasury said.”

> the smartest wealthiest people have the best accountants and moved/invested/capexd their money legally to begin with

Now do the dumbest wealthy.

[1] https://www.cbo.gov/publication/59972

[2] https://www.cbo.gov/publication/60037

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1. defrost ◴[27 Jul 24 05:20 UTC] No.41084604[source]▶
That's a mandatory guaranteed $8bn per annum funding for an operation that for the past decade has run at approx $14 bn per annum operating costs, so there still needs to be annual discretionary allocations to keep the IRS afloat at "normal" levels.

Recently the costs have increased to $16 bn per annum as part of an expansion to collect more of the inferred unpaid (avoided) taxes.

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2. crooked-v ◴[27 Jul 24 05:28 UTC] No.41084618[source]▶
Or in other words, we were paying that already, and this is just the return so far on removing some of the hoops the organization has to jump through to cover expenses.