The IRS plans to crack down on 1,600 millionaires to collect millions of dollars in back taxes
The IRS plans to crack down on 1,600 millionaires to collect millions of dollars in back taxes
The IRS is launching an effort to crack down on 1,600 millionaires and 75 large business partnerships that owe hundreds of millions of dollars in past due taxes.
IRS Commissioner Daniel Werfel said that with a boost in federal funding and the help of artificial intelligence tools, the agency has new means of targeting wealthy people who have “cut corners” on their taxes.
“If you pay your taxes on time it should be particularly frustrating when you see that wealthy filers are not,” Werfel told reporters in a call previewing the announcement. He said 1,600 millionaires who owe at least $250,000 each in back taxes and 75 large business partnerships that have assets of roughly $10 billion on average are targeted for the new “compliance efforts.”
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Conservative SCOTUS ruling making taxation of the wealthy unconstitutional in 3... 2...
I wonder, given the whole equal protection thing….
Could we sue the IRS for damages? I mean, this is the fed government’s revenue. Them running out of money…. And running up the debt affects us negatively….
Silly rabbit; thinks we don't live in oligarchies masquerading as democracies.
And in what venue would such a lawsuit be entertained?
Us district circuit to start. I imagine we could shop around for sympathetic judges.
Make a class action… everybody gets a few Pennie’s. A few lawyers make oodles….
They actually are about to review an interesting case which could have huge tax ramifications:
It's hard to summarize but basically they're trying to decide if part of the 2017 Tax Cuts and Jobs Act is constitutional or not. It's the part requiring taxpayers to pick up income for their share of income earned internationally that hasn't been repatriated yet, essentially unrealized gains. This has broad implications on whether a wealth tax on unrealized capital gains (looking at you, Musk and Bezos et al) would be constitutional under the 16th Amendment which only authorizes an income tax.
I haven't done a deep dive on that case though so I could be wrong, comments welcome.