The IRS has collected $1 billion in back taxes from high-wealth tax cheats — a milestone meant to showcase how the agency is making use of the money it received as part of the Biden administration’s signature climate, health care and tax package signed into law in 2022.
  • paultimate14@lemmy.worldEnglish
    18·
    6 months ago

    You got a source for that $6 billion? I’ve tried searching around and can’t find that anywhere.

    Every study I’ve ever seen has shown that funding the IRS is a net benefit to tax revenue. So my instinct is that the $6 billion you saw included more than just this particular campaign.

    • Aatube@kbin.melroy.org
      2·
      6 months ago

      https://archive.ph/2KqpE

      The tax agency has been undergoing a $60 billion modernization initiative aimed at improving its customer service and catching wealthy tax evaders.

      A report published in June by the Treasury Inspector General for Tax Administration said the I.R.S. has so far spent $5.7 billion, or 10 percent, of its Inflation Reduction Act funding.

      The funding was for this and improved customer service, but as TOModera says it may be just a one-time fee that will yield continuous returns.

      • surewhynotlem@lemmy.worldEnglish
        15·
        6 months ago

        You sound like my management. Hey, we gave you some money yesterday, why isn’t the 10-year-long project done today?

        These things ramp up. Modernization takes time. We won’t see the true benefits until 80% of the way through the process.

        To be honest, I bet they targeted this one billion just to show some progress. It’s probably not even related to the actual modernization efforts they’re going through. But if they didn’t show some progress, idiots would cut their funding because, like my management and old man dick, political funding has no staying power.

      • tehevilone@lemmy.worldEnglish
        10·
        6 months ago

        I can tell you, as someone who has done tax prep for friends for the last few years, that the customer service this year compared to last year was miles better. Shorter waits, less turnaround, I was actually kinda impressed.