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The amount owed is pure speculation - this is a fishing expedition in the hope of earning back what was spent - the government should look for ways to cut costs rather than spend more.
I’d wager they have some data to support the estimation, probably more so than the data you have to call it “pure speculation” hyperboles are fun
You can hire a million more agents, they’re still not getting that money back. There’s just far too many people who underreport, don’t report, or don’t file.
Or realize there’s nothing outlying a hiring of 87k agents and that it’s a fear mongering misinformation campaign
Oh and the irs isn’t scrutinizing all banks accounts with more than 600.00 in them. It may be more helpful if you were close to truthful with your posts
Well you could choose to get closer to reality or truth social. The IRS is understaffed and has had their funding cut for some time now. The results are not only represented in the amount of audits decreasing but also just the turnaround time to get tax filings processed. No need to huddle up next to your rice and beans surplus just breathe a bit
That’s false. I’d bet you most or nearly all of the people you are limping into that category paid/pay taxes every year. Make sure you are phrasing properly because when most get on the 50% no taxes roll they are talking about federal, not fica, not state/local, not sales tax etc
You are taking it out of context. This topic is about Federal returns and IRS audits - other taxes are not being addressed. You can't lower a tax on someone not paying tax and that is well over 50% - federal taxes are already highly skewed - that is the facts. Also most state taxes are based on federal returns so very few with zero federal taxes liabilities pay any state or local income taxes either.
But also studies show that even if you do include the other taxes, those at the bottom still get more in benefits that what is paid in taxes - they are really not paying taxes even if include the other taxes.
I’d wager they have some data to support the estimation, probably more so than the data you have to call it “pure speculation” hyperboles are fun
Not correct - they did not wait for the analysis before passing this bill - it was all pure speculation that would result in more tax payments when it was passed. Now the CBO analysis shows spending $80B would get as much as $124B more in tax if everything works out - that is the best case and a pretty thin margin and counts on penalties to make even that much. People will make counter moves to pay less so probably will get less - this may be close to a wash when done.
The CBO analysis also shows that over $20 billion of the $124 billion garnered by the IRS would come from the bottom 96% of earners - how is that helpful - they HAVE to increase audits on the majority to even think about coming out ahead. According to official "tax gap" estimates, 78%-90% of "under-reported" tax dollars come from families making less than $200k. Only 4% is from those making $500,000 or more - the poor are likely to be audited at a much higher rate.
Also, the Penn-Warten model predicts the bill will actually increase inflation - not reduce it.
This is responding to headlines, not reality. Your panic isn’t warranted at this time
Not at all correct - According to the IRS official "tax gap" estimates, 78%-90% of "under-reported" tax dollars come from families making less than $200k. Only about 4% is projected from those making $500,000 or more. The majority of the taxes not paid is at the bottom - that is where the focus is likely to be.
Not at all correct - According to the IRS official "tax gap" estimates, 78%-90% of "under-reported" tax dollars come from families making less than $200k. Only about 4% is projected from those making $500,000 or more. The majority of the taxes not paid is at the bottom - that is where the focus is likely to be.
Maybe go read the post I quoted. No one is coming for the middle class, they aren’t hiring 87k agents for audits and if you have to pay what you owe no one “came for you” or “targeted you” the reality is this was a projected hiring number over a decade to get the total irs head count back to 100-110k, replacing rolling out retirees and filling out other positions not just a audit team. Headline grabbing sensationalism at is correct
Not correct - they did not wait for the analysis before passing this bill - it was all pure speculation that would result in more tax payments when it was passed. Now the CBO analysis shows spending $80B would get as much as $124B more in tax if everything works out - that is the best case and a pretty thin margin and counts on penalties to make even that much.
How is gaining 3x what they spend a thin margin? That is a huge margin, they could get half that and still come out ahead. I'm also not sure where you're getting that is a "best case" scenario, the Treasury Department's more recent estimate is 400 billion.
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