I.R.S. Crackdown on Delinquent Millionaires Yields $1 Billion
I.R.S. Crackdown on Delinquent Millionaires Yields $1 Billion
The beefed-up enforcement is part of the agency’s modernization initiative aimed at improving customer service and catching wealthy tax evaders.
Dated: 2024-07-11. Added: 2024-07-11.
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This is great, but so far it's a 1:8 ROI. Let's target the BILLIONAIRES next.
7 months ago it was only 25 million.
Most of the increased IRS spending was on things like training new hires and updated software.
There are fewer than 1,000 billionaires in the US.
There are over 20,000 millionaires.
Opportunity cost indicates they should finish going through the millionaires first.
We should be eating the billionaires and save the IRS the future effort.
Except each billionaire is worth ~1000x that of a millionaire so their tax delinquency is probably in a similar magnitude higher, go after the billionaires fewer people to work on, and more "reward" for each one.
Only if you assume those people all have only one million dollars.
Billionaires also have 1000x times the resources to pay for accounting firms to back up their tax loop holes. They are often generational wealth so they learned to hide it from birth. The only option is to remove them from the ecosystem. Taxing them isn't even a half measure. They shouldn't exist, hence why they should be plated.
I don't want a few millions of a billionaires assets taxed. I might accept a taxation rate back to 99% like it allegedly was before Ronnie took us down this dark timeline back in the 1980's but the older I get, the hungrier I become.
And you are also assuming billionaires only have single digit billions.
Nope. The richest US billionaire has 500 billion. So the spread of billionaires exists only in half the space of millionaires. Assuming even distribution between both bounds the most it can be is 500x.
But that's only part of the problem. Billions buys an entire accountant team to protect their wealth. Billions buy one politicians to create tax loopholes leaving the IRS with nothing.
The IRS is not going to fix our billionaire problem.
Wow, did you know a Billion is 1.000 times more than a Million?
But keep protecting the ultra rich I guess 🤷
You're not only bad at math and reasoning about large number, your reading comprehension is terrible.
I don't know how you can read any of what I've written in this thread and think I have any interest in protecting billionaires. Dumbfounding.