The IRS Is About to Go Beast Mode

[SackMan518]

Another smooth DemoCommie idea. In the wake of rising inflation, taxes, and costs of living they think it's a good idea to hammer the lower earners with tax audits. Is this ripe for abuse against political donors? Nah, that's just crazy talk!

 

The IRS Is About to Go Beast Mode
The Schumer-Manchin bill has $45.6 billion to audit the middle class.

 

Progressives want Joe Biden to unleash what they call “beast mode” executive power, and the Schumer-Manchin tax bill supplies the cash to turn the Internal Revenue Service into Wolverine.
The pact between Sen. Joe Manchin and Majority Leader Chuck Schumer includes $80 billion in new funding for the tax man. Democrats claim this “investment” will yield more than $200 billion in revenue. That estimate is highly speculative, but if it’s anywhere close to right IRS auditors will soon be coming after tens of millions of Americans.
The $80 billion is more than six times the current annual IRS budget of $12.6 billion. The money will be ladled out over nine years and comes with few strings attached. The main Democratic command is for the tax agency to bring the hammer down on taxpayers.
The bill earmarks $45.6 billion for “enforcement,” including “litigation,” “criminal investigations,” “investigative technology,” “digital asset monitoring” and a new fleet of tax-collector cars. The result will be far more audits, civil suits and criminal referrals.
The main targets will by necessity be the middle- and upper-middle class because that’s where the money is. The Joint Committee on Taxation, Congress’s official tax scorekeeper, says that from 78% to 90% of the money raised from under-reported income would likely come from those making less than $200,000 a year. Only 4% to 9% would come from those making more than $500,000.
The IRS knows the super-wealthy employ lawyers and accountants who make litigation time-consuming and risky. It also knows that Democrats would howl if the agency pursues fraud in the earned-income tax credit program, despite what the IRS has estimated are $18 billion in improper payments each year.
A particular audit target will be “pass throughs” including Subchapter S businesses that file under the individual tax code. Democrats failed to raise the top individual tax rate, so unleashing IRS auditors is Plan B.
Many of these are small businesses that will settle with the IRS rather than fight and endure years of costly litigation. The IRS won only $1.7 billion of the $4 billion in disputed taxes and penalties in cases closed in U.S. tax court in fiscal 2019. But few taxpayers can afford to fight in court.

 

MORE AT THE LINK

 

Related: The IRS Tried to Take on the Ultrawealthy. It Didn’t Go Well.

 

Edited August 8, 2022 by SackMan518

[Foxx]

The vice tightens

 

[Billsandhorns]

2 hours ago, Foxx said:

The vice tightens

 

But, they are only going after the top 1%🤡

[Foxx]

Unrealized Capital Gains... 

 

[Billsandhorns]

59 minutes ago, Foxx said:

Unrealized Capital Gains... 

 

Can I claim my unrealized losses?

[Foxx]

O'Rly

 

[Ann]

I am shocked, shocked I say. 
 

 

[KD in CA]

Good thing the IRS has such secure, up to date systems that they can drop spending on that to zero.

[Crap Throwing Clavin]

Waaah!  My taxes are too high because I didn't pay enough to get a big refund!

 

 

 

Americans have to be the most fiscally illiterate people in the history of the goddamn planet.  That's including the natives of Micronesia who used six foot tall stone discs as currency.

 

[Fansince88]

1 hour ago, Crap Throwing Clavin said:

Waaah!  My taxes are too high because I didn't pay enough to get a big refund!

 

 

 

Americans have to be the most fiscally illiterate people in the history of the goddamn planet.  That's including the natives of Micronesia who used six foot tall stone discs as currency.

 

My goal every year is to not get a refund but to pay a little in. I want my money weekly. I will earn the little bit I can rather than the state and feds earn on it.

[B-Man]

 

 

 

                 

 

 

 

 

 

 

 

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[Foxx]

[B-Man]

 

 

I feel safer with an armed IRS agency,

 

Don't you feel safer ?

 

 

[Ann]

7 hours ago, B-Man said:

 

 

I feel safer with an armed IRS agency,

 

Don't you feel safer ?

 

 

The IRS has "always" had armed agents. My sister was a revenue agent, and there was a point where she was going to apply for one of the armed positions. This was a good 35 years ago.
 

[Koko]

12 hours ago, B-Man said:

 

 

I feel safer with an armed IRS agency,

 

Don't you feel safer ?

 

 

 

Eh, the whole legal process nonsense to get people's owed tax money is a PITA. Easier to send the incompetent goon squad to kill a few of their own red shirt agents by mistake so that the delinquents know the IRS is serious.

[Foxx]

 

 

[Foxx]

Is there a greater truth out there?