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Treasury recovers $1.3 billion in unpaid taxes from high-wealth tax dodgers (apnews.com)

submitted 1 month ago by [email protected] to c/[email protected]

11 comments fedilink hide all child comments

cross-posted from: https://lemmy.ca/post/28466921

The IRS has collected $1.3 billion from high-wealth tax dodgers since last fall, the agency announced Friday, crediting spending that has ramped up collection enforcement through President Joe Biden’s signature climate, health care and tax package signed into law in 2022.

Treasury Secretary Janet Yellen and IRS Commissioner Danny Werfel traveled to Austin, Texas, to tour an IRS campus and announce the latest milestone in tax collections as Republicans warn of big future budget cuts for the tax agency if they take over the White House and Congress.

Yellen said in a speech in Austin that in 2019, the top one percent of wealthy Americans owed more than one-fifth of all unpaid taxes, “leaving ordinary Americans to shoulder the burden.”

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[–] [email protected] 61 points 1 month ago

Sweet. Keep going.

[–] [email protected] 36 points 1 month ago

Good start. Emphasis on "START."

[–] [email protected] 13 points 1 month ago (1 children)

That sound like a drop in a bucket

[–] [email protected] 24 points 1 month ago

It is, but it's better than the former complete dryness of the bucket and hopefully they'll be able to turn the spigot soon now that they've proven that the IRS still offers a good return on investment 🤞

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

Why sugarcoat it? Refusing to pay what you owe is theft

[–] [email protected] 9 points 1 month ago (1 children)

That's a good start, but just a start. There is probably at least ten times as much...

The question is: Will they put the tax dodgers behind bars where they belong?

[–] [email protected] 5 points 1 month ago

That's a good start, but just a start. There is probably at least ten times as much...

You're absolutely right.

The question is: Will they put the tax dodgers behind bars where they belong

Probably not 😮‍💨

[–] [email protected] 7 points 1 month ago (1 children)

So from like 1 billionaire

[–] [email protected] 19 points 1 month ago

Nah, they probably haven't even gotten to the billionaires yet.

My guess is that they're trying to hit the rich tax frauds with the fewest lawyers and accountants first as proof of concept before going for the ones who are much more expensive to crack but with more than proportionally larger tax debt.