this post was submitted on 28 Jan 2024
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The Internal Revenue Service says it collected $482 million from wealthy tax cheats last year, in a continuing effort to step up their enforcement.

The IRS released their year-end progress report this month, saying they will continue to audit large corporations, high-income individuals, and complex partnerships who are not paying their fair share of U.S. taxes.

The agency says it pursued 1,600 millionaires to recoup the overdue tax payments and will not stop now.

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[–] GreatBlueHeron@lemmy.ca 5 points 9 months ago (1 children)

Yeah, it's good news but to put it in perspective - my really rough, and probably wrong, math puts that at 0.03% of the net worth of the 10 richest people combined.

They don't need to target millionaires, it's the billionaires they need to hit.

[–] TigrisMorte@kbin.social 0 points 9 months ago (1 children)

Sadly, most of the Tax avoidance by Billionaires is Legal as it was designed by certain acts of Congress to be Legal, but too expensive for even most Millionaires. The IRS is doing what they have authority to do. Congress must act before Billionaires can be forced to pay their fair share.

[–] furrowsofar@beehaw.org 2 points 9 months ago

It is also much harder to go after billionaires. They can hide things better and also litigate better. I feel like certain people do not want to fund the IRS is the tax cheat lobby.

[–] TigrisMorte@kbin.social 3 points 9 months ago

Please note: The IRS has no ability to sentence anyone to anything. They asses debt and report fraud. The Court may end up sentencing those found guilty of fraud. The IRS has no such authority.

[–] barkingspiders@infosec.pub 1 points 9 months ago (1 children)

Good news is good news. You love to hear it.

[–] DonQuixote@beehaw.org 1 points 9 months ago

I was thinking the same thing. Somewhere I read that Bill Gates and a few others have commented that they should be taxed more. Maybe articles like this will motivate some of the larger ones disregarding the law to get on the program.