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Old 06-03-2021, 10:08 AM
 
13,375 posts, read 4,227,870 times
Reputation: 5361

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it's funny, the I.R.S will go after the Earned Income Credit and Child tax credit of low income people because it has a high % of fraud. Democrats are not smart people. By going after the rich, they will shoot themselves in the foot.
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Old 06-03-2021, 10:09 AM
 
Location: Free State of Florida
4,949 posts, read 2,211,773 times
Reputation: 5802
Quote:
Originally Posted by Listener2307 View Post
I was a high earner some years back.

Got audited.
It changed nothing.


The underlying message around here is that high earners are cheating somehow.
That's nonsense.
I've was audited three times when I was a small business owner. Each time, I received on average <$10 back as a refund. It wasn't worth the hours spend on organizing documents and answering questions.

The IRS is more likely to catch honest mistakes because the tax code is a bloated, convoluted mess.
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Old 06-03-2021, 10:12 AM
 
Location: Tucson/Nogales
23,143 posts, read 28,910,546 times
Reputation: 32494
Quote:
Originally Posted by greywar View Post
Oh noes! rich people might get audited too instead of primarily the middle class.
Rich people are protected by their highly paid tax consultants. No worries there, unless they close the loopholes.
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Old 06-03-2021, 10:16 AM
 
4,151 posts, read 2,444,860 times
Reputation: 6493
All that is being asked and done is to ensure the rich pay their fair share under the law. According to IRS Bulletin (IR 2020-34) the IRS announced it recognizes that there is a substantial underreporting of tax returns and tax due for individuals making more than $100,000 of income.

The IRS issued the following facts and figures from the fiscal year 2018 to support its claim:

4 million taxpayers failed to file a tax return for 2018
8 million are businesses
6 million are individuals
Individual non-filers account for a tax loss of $37.5 billion.

Its only fair to those of who pay taxes, that these folks pay their legal taxes.

For those who do pay but need help, assistance will only make the system work more smoothly.

As for trimming the budget, well, even the GOP gave up on that one during the previous administration.
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Old 06-03-2021, 10:18 AM
 
4,151 posts, read 2,444,860 times
Reputation: 6493
Quote:
Originally Posted by Mad_Jasper View Post
I've was audited three times when I was a small business owner. Each time, I received on average <$10 back as a refund. It wasn't worth the hours spend on organizing documents and answering questions.

The IRS is more likely to catch honest mistakes because the tax code is a bloated, convoluted mess.
You are right, it is a mess due to special interests, but try to simply it and the howling will make a Klingon death cry seem like a whisper.


https://www.youtube.com/watch?v=A5wNL29kdek
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Old 06-03-2021, 10:20 AM
 
Location: Where my bills arrive
19,148 posts, read 16,970,121 times
Reputation: 15497
Quote:
Originally Posted by SanJuanStar View Post
Typical Democrat. Don't create jobs in the private sector but more jobs for the government and go after people's earned income. Is not enough they already collect more than enough so they spend it and give it for free in other areas but they want more. LOL.

Democrats don't understand that the more earned income you make, the more it moves in the economy and more revenue the government makes. If I keep 50k more a year, I spend that money in the economy by buying or expanding my business. The more it moves the more revenues the government collects each time it moves hands.
Typical Republican, just had 4 years running the show and created little to nothing, all the big "look what I did moments" went bust. Funny you comment about handouts when the Repulican states fill most of the top 20 spots for receiving Federal Aid....

If you are a small buisness owner then you are invested locally and most likely paying what you should, if your a corporation odds are that your producing overseas, saving overseas and doing very little to keep things afloat over here. How many companies are producing overseas to lower their costs and avoid tax obligations? Time to start taxing them as imports they can't have it both ways...
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Old 06-03-2021, 10:21 AM
 
14,801 posts, read 17,622,969 times
Reputation: 9246
Quote:
Originally Posted by webster View Post

As for trimming the budget, well, even the GOP gave up on that one during the previous administration.
Agree, both parties are trash.
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Old 06-03-2021, 10:25 AM
 
13,168 posts, read 21,762,237 times
Reputation: 14056
Quote:
Originally Posted by Kristinas_Cap View Post
Why was it terrifying? How old are you?
I'd like to know why your audit was terrifying as well, since you're the one who brought it up. I'm a boomer if that helps.
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Old 06-03-2021, 10:26 AM
 
Location: Florida
33,509 posts, read 18,076,105 times
Reputation: 15498
The IRS wants to know more about money making of Americans.. Very orwellian .
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Old 06-03-2021, 10:27 AM
 
Location: Shaker Heights, OH
5,280 posts, read 5,210,205 times
Reputation: 4328
Quote:
Originally Posted by TMSRetired View Post
What is it with the left's obsession with taking money from the "rich people" ?

How's about trimming that budget instead ?
I'd gladly cut the military budget by half and bring all troops home that are based in foreign countries and cancel many weapons systems that we don't need.

But the rich still need to pay their fair share...Senator Warren's wealth tax should be implemented.
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