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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: 0s | source
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from-nibly ◴[27 Jul 24 05:12 UTC] No.41084584[source]▶
A reminder that taxes don't fund the government they curb inflation. The government funds itself by printing money and taking out loans.
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s1artibartfast ◴[27 Jul 24 06:18 UTC] No.41084780[source]▶
That simply isn't true. Government spending far outstrips the deficit. It collects 4 trillion and spends 5.
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1. ffgjgf1 ◴[27 Jul 24 08:18 UTC] No.41085199[source]▶
Why? Isn’t that just where inflation is coming from? Of course it’s toned down by growth in productivity, investment, savings etc.
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2. s1artibartfast ◴[27 Jul 24 14:00 UTC] No.41086651[source]▶
yes, that is where some inflation comes from.

That doesn't mean the government is entirely self funded and tax revenue is not used for programs.