this post was submitted on 14 Jan 2024
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[–] [email protected] 6 points 9 months ago* (last edited 9 months ago) (1 children)

The amount of effort and resources that's required to collect taxes and catch cheaters is mind-boggling.

Many countries would benefit from simplifying the tax code, scrubbing a few loopholes. ie make it harder to cheat, cheaper to collect, so the resources get spent somewhere else.

[–] [email protected] 4 points 9 months ago

I don't think it's always deficiencies in the tax code that they're exploiting so much as complex networks of shell companies and offshore accounts to hide the income in the first place.

[–] [email protected] 5 points 9 months ago

Biden Crackdown Hauls In $520 Million In Back Taxes From The Ultrawealthy

Using new funding earmarked for the IRS to target wealthy and corporate tax cheats, the IRS since mid-2022 has collected more than $520 million from about 1,600 households with income of more than $1 million and that are known to have unpaid tax bills of more than $250,000.

[...]The money [to fund the IRS] comes from the 2022 Inflation Reduction Act. Known as the Biden administration’s climate and infrastructure bill, the $369 billion law also set aside $78 billion over the next decade for the IRS to hire customer support staff for ordinary taxpayers and new auditors who would focus on the filings of the ultrarich.