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IRS has collected more than $520M in back taxes from delinquent millionaires so far (www.nbcnews.com)

submitted 11 months ago by MicroWave to c/news

21 comments fedilink hide all child comments

The agency credited the passage of the Inflation Reduction Act for its stepped-up ability to pursue high-income, high-wealth individuals who owe money.

The IRS announced Friday that it has recently collected more than half a billion dollars from millionaire Americans who owed tax debt.

The agency credited the passage of the Inflation Reduction Act for its stepped-up ability to pursue "high-income, high-wealth individuals," as well as complex partnerships and large corporations, who are not paying overdue tax bills.

The IRA, pushed by President Joe Biden and approved in 2022, earmarked $80 billion over 10 years to step up the IRS’ enforcement capabilities. While $20 billion was ultimately clawed back in 2023 as part of the deal to head off a debt-ceiling crisis, the agency indicated it had already made use of its initial allotment.

Over the past year, the IRS said, enforcement officers had recouped approximately $520 million from the most well-off segments of society.

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[–] [email protected] 36 points 11 months ago (3 children)

The Biden administration previously pledged to freeze audit rates for filers with $400,000 or less.

I hadn't heard this, but I'm very disillusioned, discouraged and angry right now.

I'm 40, a teacher, single income (widowed) with two children. I don't make six figures. But guess who got the IRS on their ass for the first time ever this year?

Apparently I guessed a line wrong on my 1040 last year in Tax Game. Or Turbo Tax did, because I just feed it all the digital documents I get. IRS let me know I get to redo that form (back to start!) and will probably have to pay back $50 of my refund. GOTTEM!

Just send me a fucking bill. For 8 billion per year, and you already know what I should pay, just send me a god damned bill. Fuck this.

[–] [email protected] 31 points 11 months ago* (last edited 11 months ago) (1 children)

They are piloting the "just send a bill" program this year in 12 states thanks to the IRA Biden passed. It's called Direct file.

If you live in one of those 12 states and just do the 1040ez, you may literally be able to just have them send you the goddamn bill.

[–] [email protected] 13 points 11 months ago* (last edited 11 months ago)

Participating states The Direct File pilot will be available to eligible participants in these states:

Arizona

California

Florida

Massachusetts

Nevada

New Hampshire

New York

South Dakota

Tennessee

Texas

Washington state

Wyoming

The pilot is not an option for you if you did not live in one of the 12 participating states in 2023.

Damn I don’t qualify. I hope it goes well in those states and expands.

Editing for formatting.

[–] [email protected] 4 points 11 months ago (1 children)

And that's why I like the German system. A part of your your income(income tax) directly goes to our version of the IRS. At the end of the year you can do a tax computation and maybe get taxes back if you payed to much, but you aren't required to do that.

[–] [email protected] 1 points 11 months ago

Yes, it's the same in the US but sometimes people don't set it up right so the correct amount is not withheld from their income and they have to pay back the difference at the end of the year. For the majority of people, they get money back from the government. There are lots of sales every year around tax filing time because so many people get a sudden amount of money back from the government.

[–] StereoTrespasser 1 points 11 months ago (1 children)

Being a little hyperbolic, aren't we? You didn't get the IRS "on your ass," your form failed an automated check.

[–] [email protected] 2 points 11 months ago* (last edited 11 months ago)

The Biden administration previously pledged to freeze audit rates for filers with $400,000 or less.

It "failed an automatic check" because it knows I got a number wrong. If it knows what the form is supposed to be, why do I have to refill the form? Or fill the form to begin with?

No amount of hyperbole can make that reality any more ridiculous.

[–] Olhonestjim 17 points 11 months ago (1 children)

Good. Now get the other 60 trillion.

[–] yggstyle 7 points 11 months ago

Look - they got 1 guy to cave and pay half. That's good enough right?

[–] kemsat 6 points 11 months ago

You mean the people good at hoarding money are good at lying about how much money they’re hoarding?

[–] werefreeatlast 3 points 11 months ago

I just realized that the IRS has a last name! It's LEE!

[+] stealthnerd -39 points 11 months ago (3 children)

Spending 8 billion to find half a billion doesn't sound like something worth bragging about. Let me know when they 20x that number.

[–] MicroWave 48 points 11 months ago* (last edited 11 months ago)

I was curious what that funding is used for and found this:

While the Inflation Reduction Act does include $78 billion over 10 years for the IRS, that money is mainly to help the agency backfill thousands of existing positions, such as IT people, taxpayer customer support — and, yes, auditors. But they will primarily be assigned to focus on ultrawealthy Americans and corporate tax cheats.

https://www.huffpost.com/entry/republicans-87000-irs-agents-biden_n_63110a90e4b07d96a24c63d0

[–] Jambone 37 points 11 months ago (2 children)

They've recovered half a billion in the first year.

[–] stealthnerd 5 points 11 months ago (1 children)

Yes and that's why I said 8 billion and not 80, I accounted for the fact that this was one year worth of work.

[–] Jambone 1 points 11 months ago

The ROI won't be a step function, like the flick of a switch.

[+] NounsAndWords -15 points 11 months ago (1 children)

But the additional money was effectively $8 billion per year ($80 billion over 10 years). I very much want to force the rich to pay taxes...but I want it to cost less than the taxes they collect to do it.
Hopefully it keeps ramping up in the coming years.

[–] surewhynotlem 15 points 11 months ago (1 children)

Do you think this is their only accomplishment, or just the one they want most obviously publicized?

[+] NounsAndWords -7 points 11 months ago (2 children)

Certainly not the only accomplishment, but I expect between the agency itself and the politicians who pushed for the budget allocations, they would want to advertise the biggest number they can come up with to justify the funding. What I think is that $520 million was the biggest number they could reasonably justify reporting.

[–] [email protected] 6 points 11 months ago

Have you tried more than one news article before reaching your conclusions?

[–] 800XL 2 points 11 months ago

Hey, I'm gonna share a few little dad-isms that my dad shared with me many many moons ago that hopefully will help you put things into perspective when you're feeling impatient. I know it did for me.

You gotta break a few eggs to make an omelette

Sometimes it's about sending a message to let 'em know you're watching

Nothing worthwhile in life comes easy

People will get away with whatever you let them get away with

There's no honor amongst thieves

Fast, easy, cheap: pick two

You have to learn to walk before you can learn to run

The journey of a million miles begins with a single step

and the similar

You can eat an entire elephant a single bite at a time