I clenched reading that.
Welp, when the country’s debt keeps increasing at a record pace, the government needs the IRS to find new cashflow somewhere…
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Large corporations & the wealthy, only - mmmm hmmmmm
Right
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They should audit the Tax Accountants because they hire unqualified people. It’s the same setup at every CPA where they pay a bunch of idiots off the street to input numbers into software. I’m convinced that they screw up most people’s returns. I bet most people owe the IRS because they trust “tax professionals” and don’t check their return.
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Billionaires barely pay anything in taxes but let’s audit the little guy, sure.
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That’s who they’re targeting…
The IRS plans to triple the audit rates on large corporations with assets of more than $250 million. Audit rates for these companies will rise to 22.6% in tax year 2026 from 8.8% in 2019.Large partnerships with assets of more than $10 million will see their audit rates increase 10-fold, rising to 1% in tax year 2026 from 0.1% in 2019.Wealthy individuals with total positive income of more than $10 million will see their audit rates rise 50% to 16.5% from 11% in 2019.
“There is no new wave of audits coming from middle- and low-income [individuals], coming from mom and pops. That’s not in our plans,” Werfel said.
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Well what I can say about what I have learned about rich people on paying income taxes is that many of them do not have incomes. Their “income” can be from capital gains, which can be offset by capital losses. They could be compensated in ways that are not considered income and taxed differently. We focus on the income portion but don’t look at the overall picture.
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Yup and the super rich just donate large sums of money to their own charities… They’ll also take out loans to pay off but usually end up doing another loan to close out the previous, essentially skirting that they’ve never made any income because “loans” are not technically “income” according to the IRS since you have to pay them back.
If I was in charge, I’d just invoke a flat tax of 10% across the board. The tax code would be simplified to the point where, you make more, you pay more. You make less, you pay less. To get around the loop holes of being “worth” something, you got stocks and sell them, you get 10% taken out immediately for tax purposes.
Anyone under 40k a year pays 2% in taxes or something along the lines of those in or near the poverty line of income, because 4k at 10% when you make 40k a year really hurts…
All those pages and pages of our horrendous tax code with so many loop holes would be a single line or two to outline, you make X you pay 10%, boom… done…
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I like the idea of a flat consumption tax. Hurts a little more at the time of purchase, but benefits at tax time. Everyone buys stuff, even the big corporations. The super rich buy stuff too. And if you buy stuff from out of the country, you still have to pay it at time of registration (boats, planes, stuff like that) I would say only perishables and coins/currency should not be taxed
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The US Govt can take a lesson about money management and finally start to get rid of corrupt govt official pocketing million of dollar in backdoor info/benefit. One example of such is, an renown congress person has a salary of $223,500 but has over 100M in stock. Can someone explain to me how does this work? A congress person has a stock portfolio of greater than $100 M yet average smuck is struggling with today’s living expense while voting for her (*clue) .
Corruption at its finest. You can’t doing anything to me. MUWHAHAHAHAHA (Can you guess who I am referring to?)
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Is that the same person that is getting the Presidential Medal of Honor ?
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Yup and Mark Cuban proposed a luxury tax. He said if you can buy a 20 million dollar plane and keep it operating, you can afford a 50% luxury tax when you buy it as well…
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Let’s just talk taxes without dragging politicians into the mix, it’s just gonna get ugly.
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If the audits are actually going after people with a large amount of income I applaud the IRS for once. It seems too often we hear about those with a ton of income getting away with all kinds of questionable maneuvers while people barely make anything are audited to Hell and back.
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I hate most politicians equally, some more than others. Just make sure you pay your taxes and claim all income. No one wants an audit.
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As what @agentpoyo mentioned, I shall not mention who this politician or person is, cuz it will get off track and ugly. Going forward, the person will be simply refer as “One Above All”
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Yeah, forget politicians… Let’s talk about the Supreme Court. .… I kid!
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Don’t get me ■■■■■■■ started.
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And make sure you claim that cash income from small comic conventions that you have a table at, flea markets, and if you have a garage sale 
Anything I sell at a garage sale or on Facebook is generally at a loss. Those baby gates cost a lot when I first bought them but resell shockingly cheaply. So is life.
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