The Internal Revenue Service says it collected $482 million from wealthy tax cheats last year, in a continuing effort to step up their enforcement.
The IRS released their year-end progress report this month, saying they will continue to audit large corporations, high-income individuals, and complex partnerships who are not paying their fair share of U.S. taxes.
The agency says it pursued 1,600 millionaires to recoup the overdue tax payments and will not stop now.
Yeah, it’s good news but to put it in perspective - my really rough, and probably wrong, math puts that at 0.03% of the net worth of the 10 richest people combined.
They don’t need to target millionaires, it’s the billionaires they need to hit.
Sadly, most of the Tax avoidance by Billionaires is Legal as it was designed by certain acts of Congress to be Legal, but too expensive for even most Millionaires. The IRS is doing what they have authority to do. Congress must act before Billionaires can be forced to pay their fair share.
It is also much harder to go after billionaires. They can hide things better and also litigate better. I feel like certain people do not want to fund the IRS is the tax cheat lobby.
Inflation has made millionaire middle class. Go after the billionaires please or at least 10 or 100 million level.
Pretty much anyone that can afford to retire is a millionaire these days especially if you include pension and social security values and all their other assets.