Summary
The IRS announced it has recovered $4.7 billion in back taxes and criminal proceeds since receiving $80 billion in funding through the 2022 Inflation Reduction Act.
This includes $1.3 billion from wealthy tax dodgers and $2.9 billion from criminal investigations.
Despite these gains, the IRS faces funding cuts: $1.4 billion was rescinded earlier, and $20 billion is frozen or redirected under recent budget deals.
Republicans, under a new majority, aim to further reduce IRS funding and renew Trump-era tax cuts. Trump has nominated Billy Long as the next IRS commissioner, drawing criticism from Democrats.
I’m definitely missing the whole story, because getting $4.2B back from $80B in funding is terrible ROI. Where is all of this money going?
They had to staff up which has a delay on impact. The money was supposed to last awhile and historically every dollar given to the IRS results in more money back. The more complex cases take longer to get results from as well. Those rich folks have very complex set ups to avoid paying taxes.
And as mentioned, they also built that tax portal which will likely expand and will save tax payers millions of dollars instead of going to turbotax etc.
They received $80B but haven’t spent it yet. Looks like they’ve spent $7B so far , and it looks like the Republicans rescinded $20B of it already.
Still not a great ROI but they could be spending the money on building infrastructure to recover more. I’m guessing they require some pretty good software to catch the cheats and that costs a lot to create but less to maintain. That plus general growing pains might mean they’ll take a bit to ramp up, but we might start seeing more ROI gains in the following couple years.
Also they’re using some of it to improve operations like creating the new free tax portal so you don’t have to pay through turbotax, h&r etc. So that’d be nice, maybe not worth $1B, but nice
Hopefully the new tax portal is great. That alone would be worth 1B. Just sending everyone a disputable bill or check would be easier and cheaper of course but we can’t have that.
IRS investigators (circa Jan 20) now
randomlyarbitrarily audits low income people…🙃
randomly
Nope. It will be targeted. This is what regulatory agencies will exist for (those that continue to exist). They will be used as a cudgel against perceived enemies.
arbitrarily is what I meant
Yeah, but that’s why I mean… It won’t be that either. It will be targeted.
New headline: Thugs managed to steal $4.7 billion that they would previously have been unable to steal.
Taxation is theft.
Taxation is theft.
Always one of you silly buggers commenting these kinds of stories isn’t there.
But you don’t understand, see, he didn’t consent to being taxed, therefore it’s theft.
Be kind to them, they were kidnapped and imprisoned for many years since birth. The earlier years involved many forms of humiliating torture.
Yep. Glad to be of assistance.
Man, I remember middle school…
Why?
Roads, schools, fire department,…
The large one defense budget (possible theft here)…
Why do you think “taxation is theft”?
Because they want the benefits of a civilized society but think they shouldn’t have to pay for them
I bet it’s that the think they will one day own the benefits of a civilized society, and want to preemptively pull the ladder up while making money off the backs of everyone else. You know, like a parasite.
So you don’t like schools, roads, public healthcare, having a police force to protect the citizens? You realize taxes pay for those right? And without them, if you get robbed, there will be no police to help you.
Also, did you know the bourgeoisie steal way more from you than the taxes you pay?
Only one argument here- the police don’t protect anyone, they protect rich people’s property. It’s been proven in court that they have no duty to “protect and serve” the people. If you get robbed right now, right this second, and call the police, they will come and take a statement from you, asking the value of the missing money and items, print it on a sheet of paper and file it in a drawer (or on a computer system).
Take it a step further. Private exploitation is still exploitation. Creating an ancap world without public monopoly on force will not remove exploitation or force from the world. Property is theft.
The concept of money is theft, taxation is how the money-printing thugs keep it from inflating itself out of existence.
It sure doesn’t seem to be working because it’s still costing more and more all the time. So they’re printing it faster than they’re taking it away. But that’s not surprising since the government doesn’t tax itself.
What in the world are you talking about? The government doesn’t exist to profit, it’s not a corporation despite shitty people’s ideas that it should be run like one. Why would its revenue, which is all spent, be taxed? Are you saying taxes should be taxed? Where would the tax on government revenue even go?
