And they already backed off the looking into of every account with $600 bucks in it.
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87,000 irs agents
- Thread starter jeeptj19992001
- Start date
Mr.Ratbastard
Well-known member
- Joined
- May 30, 2020
- Member Number
- 1688
- Messages
- 818
Not related but just as sick, Do the math on the number of illegals crossing the border the last two years compared to the number of people in the nearest 10 or so large cities nearest to you.
skyhiranger
Well-known member
Maybe this has been said/covered before in this thread...but interesting to read, none the less. Basically states what we knew/assumed all along.
www.washingtonexaminer.com
Biden's IRS army is not coming for billionaires — it's coming for you
By
Washington Examiner
January 12, 2023 06:58 AM
When the new Republican-controlled House passed a bill to cancel President Joe Biden ’s desired army of 87,000 new IRS agents, the administration reacted with a full-blown tantrum.
Vice President Kamala Harris released an angry statement that Republicans want to “allow … millionaires, billionaires, and corporations to cheat the system.”
This is ridiculous if you know anything about how the IRS conducts audits and raises additional revenue. Fortunately, the Government Accountability Office released a report last spring that shows exactly whom the IRS tends to target.
First, the majority of the extra money the IRS collects from audits comes from households with incomes below $200,000. This is a perennial fact of life that has not changed in at least a decade, neither with the president’s party affiliation nor with the tax changes that have been enacted over the years.
This alone demonstrates the certainty that Biden’s new IRS army would look for most of its additional revenue within the much larger pool of middle-income taxpayers, not among the ultrawealthy.
But when you dig deeper into the numbers, the evidence only gets stronger.
The second-most lucrative type of audit for the IRS, in terms of money recovered per man-hour, is the audit of low-income taxpayers who take the earned income tax credit. Such audits net an average of $3,231 per hour, more than twice as much as the average audit of households earning between $500,000 and $5 million (about $1,500 per hour on average). This is why households in the under-$25,000 income category are more than twice as likely to be audited as households making between $25,000 and $200,000.
It is true that audits of $5 million annual earners are marginally more lucrative than audits of the poor, but they only net about $4,800 per man-hour. That’s because those audits require, on average, 60 man-hours, and they are about four times as likely to result in no change to the taxpayer’s bill as are audits of households earning less than $200,000. It turns out rich people have lawyers and tax experts and are far more likely than anyone else to have a bulletproof tax return.
But that isn’t even the biggest problem with leaning on high-earners to close the tax gap. The biggest problem is that there are only about 64,000 households in the country that make $5 million or more per year. If Biden’s 87,000 new agents were all auditors and they spent all their time auditing every one of those high earners, it would take them just over one work week and net only $18 billion. That’s a fraction of the $70 billion Democrats claimed they could raise when they voted to give the IRS all these additional resources.
In reality, the IRS will not audit even 10% of those high earners. So you can bet your dwindling life savings that for the other 51 weeks of the year, Biden’s agents, including the ones carrying guns , would be coming after you, squeezing more blood out of the stone that is the lower- and middle-income taxpayer. This is not just our opinion — it is the opinion of researchers and experts .
Biden is convinced you and people like you are hoarding $70 billion that is rightfully his to squander on ineffective government programs. You, he believes, are cheating by underreporting your tips, your crypto sales, and your side hustle, and he wants his cut.
As the data show, the IRS has strong incentives to come especially hard after people with the lowest incomes because that is the largest pool in which to fish efficiently for dollars. This is why the agency conducted nearly 100 times as many audits of downscale earned income tax credit claimants in 2019 as it did of households making more than $1 million.
So don’t believe the whining and the spin coming out of the Biden White House about millionaires and billionaires. They have nothing to do with this. Biden's agenda depends on middle-income earners paying thousands more in taxes than they think they owe, and he’s upset that the House should dare imperil his ability to make it happen.
Biden's IRS army is not coming for billionaires — it's coming for you
When the new Republican-controlled House passed a bill to cancel President Joe Biden’s desired army of 87,000 new IRS agents, the administration reacted with a full-blown tantrum.
www.washingtonexaminer.com
Biden's IRS army is not coming for billionaires — it's coming for you
By
Washington Examiner
January 12, 2023 06:58 AM
When the new Republican-controlled House passed a bill to cancel President Joe Biden ’s desired army of 87,000 new IRS agents, the administration reacted with a full-blown tantrum.
Vice President Kamala Harris released an angry statement that Republicans want to “allow … millionaires, billionaires, and corporations to cheat the system.”
This is ridiculous if you know anything about how the IRS conducts audits and raises additional revenue. Fortunately, the Government Accountability Office released a report last spring that shows exactly whom the IRS tends to target.
First, the majority of the extra money the IRS collects from audits comes from households with incomes below $200,000. This is a perennial fact of life that has not changed in at least a decade, neither with the president’s party affiliation nor with the tax changes that have been enacted over the years.
This alone demonstrates the certainty that Biden’s new IRS army would look for most of its additional revenue within the much larger pool of middle-income taxpayers, not among the ultrawealthy.
But when you dig deeper into the numbers, the evidence only gets stronger.
The second-most lucrative type of audit for the IRS, in terms of money recovered per man-hour, is the audit of low-income taxpayers who take the earned income tax credit. Such audits net an average of $3,231 per hour, more than twice as much as the average audit of households earning between $500,000 and $5 million (about $1,500 per hour on average). This is why households in the under-$25,000 income category are more than twice as likely to be audited as households making between $25,000 and $200,000.
It is true that audits of $5 million annual earners are marginally more lucrative than audits of the poor, but they only net about $4,800 per man-hour. That’s because those audits require, on average, 60 man-hours, and they are about four times as likely to result in no change to the taxpayer’s bill as are audits of households earning less than $200,000. It turns out rich people have lawyers and tax experts and are far more likely than anyone else to have a bulletproof tax return.
But that isn’t even the biggest problem with leaning on high-earners to close the tax gap. The biggest problem is that there are only about 64,000 households in the country that make $5 million or more per year. If Biden’s 87,000 new agents were all auditors and they spent all their time auditing every one of those high earners, it would take them just over one work week and net only $18 billion. That’s a fraction of the $70 billion Democrats claimed they could raise when they voted to give the IRS all these additional resources.
In reality, the IRS will not audit even 10% of those high earners. So you can bet your dwindling life savings that for the other 51 weeks of the year, Biden’s agents, including the ones carrying guns , would be coming after you, squeezing more blood out of the stone that is the lower- and middle-income taxpayer. This is not just our opinion — it is the opinion of researchers and experts .
Biden is convinced you and people like you are hoarding $70 billion that is rightfully his to squander on ineffective government programs. You, he believes, are cheating by underreporting your tips, your crypto sales, and your side hustle, and he wants his cut.
As the data show, the IRS has strong incentives to come especially hard after people with the lowest incomes because that is the largest pool in which to fish efficiently for dollars. This is why the agency conducted nearly 100 times as many audits of downscale earned income tax credit claimants in 2019 as it did of households making more than $1 million.
So don’t believe the whining and the spin coming out of the Biden White House about millionaires and billionaires. They have nothing to do with this. Biden's agenda depends on middle-income earners paying thousands more in taxes than they think they owe, and he’s upset that the House should dare imperil his ability to make it happen.
Ya, great virtue signal to pass a bill that will be dead the second it's sent to the senate.
It can hang out in the stack with the 54 times they tried to repeal obamacare.
People getting their panties in a wad about anything that the house passes is just a waste of time and energy. Much like the government itself
78bronco460
Well-known member
- Joined
- May 23, 2020
- Member Number
- 1272
- Messages
- 447
FJC11
# FJB
As long as it's by lethal means.They’re hiring thugs, not bean counters:
I’m okay with trying to stop them.
skyhiranger
Well-known member
Well, the .gov lies again, to the surprise of no one here...
finance.yahoo.com
If you thought President Joe Biden’s mandate that the Internal Revenue Service audit more ultra wealthy and fewer middle-class filers is in full swing, guess again.
In fact, 63% of new audits as of Summer 2023 targeted taxpayers with income of less than $200,000, according to figures compiled by The Wall Street Journal’s editorial board, which then dubbed the $200,000 man the “IRS’s most wanted.”
So be warned middle-class readers: This could impact you as the $200,000 filer very much remains in the agency’s crosshairs.
But what to do if you’re audited? First and foremost: Don’t panic. We’ve identified four things to expect in the event IRS agents want to scrutinize your 2024 return.
Imagine that: paying a third of your taxes late and giving the taxman no idea when you’ll fork over the rest. But though the IRS is way behind on its checklist in a way it wouldn’t tolerate among late tax filers, its audits are right on schedule. Call it efficiency in action, even if it is the wrong kind.
A deeper dig (you know, the kind auditors like) adds context to the picture. The Transactional Records Access Clearinghouse, a non-partisan data research center out of Syracuse University, reports that those making up to $200,000 annually were the most audited by IRS (67%).
Meanwhile, IRS numbers for pursuing the ultra wealthy look abysmal. The TIGTA report confirms that “the first wave of revenue agents and specialists for large corporations, large partnerships, high-income and high wealth individuals … have yet to be hired and onboarded.”
Middle-class earners are the most targeted group for IRS audits — how to prepare if an auditor comes knocking
Know your rights — and how to spot when something's wrong, too.
If you thought President Joe Biden’s mandate that the Internal Revenue Service audit more ultra wealthy and fewer middle-class filers is in full swing, guess again.
In fact, 63% of new audits as of Summer 2023 targeted taxpayers with income of less than $200,000, according to figures compiled by The Wall Street Journal’s editorial board, which then dubbed the $200,000 man the “IRS’s most wanted.”
So be warned middle-class readers: This could impact you as the $200,000 filer very much remains in the agency’s crosshairs.
But what to do if you’re audited? First and foremost: Don’t panic. We’ve identified four things to expect in the event IRS agents want to scrutinize your 2024 return.
Government report confirms reform snafu
The agency’s laggard performance was documented in March in a 43-page report by the U.S. Treasury Inspector General for Tax Administration (TIGTA). As of last year, the IRS had a strategic operating plan to overhaul its auditing structure and “deliver transformational change for taxpayers.” But of the 58 milestones set for Fiscal Year 2023, “IRS management identified that [it] completed 19,” or just 33%. Nor does it know how or when it will finish.Imagine that: paying a third of your taxes late and giving the taxman no idea when you’ll fork over the rest. But though the IRS is way behind on its checklist in a way it wouldn’t tolerate among late tax filers, its audits are right on schedule. Call it efficiency in action, even if it is the wrong kind.
A deeper dig (you know, the kind auditors like) adds context to the picture. The Transactional Records Access Clearinghouse, a non-partisan data research center out of Syracuse University, reports that those making up to $200,000 annually were the most audited by IRS (67%).
Meanwhile, IRS numbers for pursuing the ultra wealthy look abysmal. The TIGTA report confirms that “the first wave of revenue agents and specialists for large corporations, large partnerships, high-income and high wealth individuals … have yet to be hired and onboarded.”
JD Mark
Well-known member
- Joined
- Feb 23, 2024
- Member Number
- 7519
- Messages
- 134
What kind of red blooded Murcan are you?
Never mind, you probably apologize for not paying enough in taxes.
I know, old post.
Norm
Newb
Thank a Democrat .... 
scooter2374
walk home clown
He is a syrup sucker, he don't have to worry about our IRS.
BigBurt
Active member
- Joined
- Aug 12, 2023
- Member Number
- 6801
- Messages
- 35
Maybe not but he’s got a whole lot of other stuff to worry about in that case.
FJC11
# FJB
Well,,,,not yet.
scooter2374
walk home clown
He just has to worry about the crown putting the boot to his neck instead of the IRS.
