Treasury, IRS announce 'major milestone' of $1 billion in past-due taxes collected from millionaires
Treasury, IRS announce 'major milestone' of $1 billion in past-due taxes collected from millionaires
The U.S. Department of the Treasury and IRS announced a "major milestone" of collecting more than $1 billion in past-due taxes from millionaires.
- The Treasury Department and the IRS announced the collection of more than $1 billion in tax debt from high-income individuals over the past year.
- In September, the IRS announced plans to expand its scrutiny of those making more than $1 million annually with more than $250,000 in recognized tax debt.
- However, the funding enacted in 2022 that is allowing the IRS to pursue its plans still has its critics, particularly among congressional Republicans.
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They’re totally fine not collecting from billionaires
I imagine the IRS is going after millionaires for the same reason it goes after poor and lower middle class people: they lack the resources to mount a defense.
Billionaires have enough money that they could stall indefinitely. Or at least until they can fund a president that will just pardon them.
The only cure for billionaires is the guillotine.
The only cure for billionaires (that helps everyone else) is to raise their flat tax rate to 70% ... like it used to be.
In 1944, the highest tax rate was 94%! By 1953, it had dropped. To 92%. We need to go back to that. The richest will find ways around it, but that’s not a reason not to do it.
This headline uses "millionaires" to mean "people with over a million dollars in annual income" rather than "people with over a million dollars in net worth"
That's not your run of the mill "successful career with a healthy 401k" millionaire, that's at least ten-millionaires, mostly hundred-millionaires, and possibly some billionaires by net worth.
The term is Decamillionaires