this post was submitted on 20 Mar 2024

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243

IRS chief zeroes in on wealthy tax cheats in AP interview (apnews.com)

submitted 3 months ago by MicroWave@lemmy.world to c/news@lemmy.world

17 comments fedilink hide all child comments

IRS Commissioner Danny Werfel has a message for high-wealth tax cheats who are wrongly deducting private jet travel and otherwise shorting the government on their taxes: Pay your fair share so “others aren’t shouldering the burden of funding our government.”

He also has a thought for ordinary taxpayers putting off the inevitable with less than a month left in tax-filing season: “Get it done.” (And double-check your work.)

Werfel, who will hit the one-year mark at the helm of the IRS in April, said in a wide-ranging interview with The Associated Press that the agency will expand its pursuit of high-wealth tax dodgers with new initiatives in the coming months and is using tools like artificial intelligence to ferret out abuses and taking the fight to sophisticated scammers.

That doesn’t mean the IRS has undergone a complete image makeover. There’s still plenty of criticism to go around, including from Republican lawmakers who accuse the agency of heavy-handed overreach.

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[–] Son_of_dad@lemmy.world 31 points 3 months ago (1 children)

The IRS doesn't have the funds to fight the lawyers of billionaires who avoid taxes. That's by design.

[+] bassomitron@lemmy.world -15 points 3 months ago (4 children)

[deleted]

[–] FlyingSquid@lemmy.world 32 points 3 months ago (1 children)

A flat tax is a terrible idea. 10% of the salary of someone who makes $50,000 a year is a lot bigger hardship than 10% of the salary of someone who makes $500,000 a year.

[–] thesystemisdown@lemmy.world 18 points 3 months ago

I agree with most of that, but a flat tax would benefit the most wealthy the most.

[–] Steve@communick.news 7 points 3 months ago (1 children)

A simple uncheatable tax doesn't need to be flat.

Years ago I came up with an algorithmic progressive tax that tracks the income distribution curve.

Using the 2011 numbers I could get 1% increments for. With a top tax rate of 40%, the bottom ~85% of people had a tax rate below 5%, and the budget that year would still balance.

And being a fixed algorythm, it's completely closed to manipulation. Unless you lie about your income, but that's already a felony.

[–] ironhydroxide@sh.itjust.works 4 points 3 months ago (1 children)

But what if you creatively identify your income? And then get a bonus of a bunch of stocks, which you then leverage with a bank loan?..... oh right, that's how a lot of them do it already.

[–] Steve@communick.news 2 points 3 months ago (1 children)

But what if you creatively identify your income?

That would be the lying part.

And then get a bonus of a bunch of stocks

Eventually those shares would be sold, or inherited. That income would be taxed at whatever the algorithm dictates.

[–] ironhydroxide@sh.itjust.works 1 points 3 months ago (1 children)

So, we're back to playing the "algorithm" with what defines income, and what defines inherence, sale, etc of shares.

Sounds like essentially what we've got, just with the handwaving of "algorithm" instead.

[–] Steve@communick.news 1 points 3 months ago

It eliminates the picking and choosing of tax brackets. What you're talking about is making definitions. There is no way to mathematically fix that.

[–] NatakuNox@lemmy.world 25 points 3 months ago (1 children)

Go after a minimum wage worker for $200 dollars is a waste of time and money. Going after a billionaire/corporation for $200,000,000 will always have a greater ROI.

[+] Crashumbc@lemmy.world -9 points 3 months ago (1 children)

Unfortunately, it is not. Those billionaires will cost years and 100's of millions to collect.

With the much less resources they can collect 200 Dollars from hundreds of thousands of poor people.

[–] NatakuNox@lemmy.world 12 points 3 months ago (2 children)

One of those zombie lies that seems to get vomited out without any real world examples. Just propaganda for the oligarchy.

[–] blackbelt352@lemmy.world 1 points 3 months ago (1 children)

While it is propaganda for the oligarchy, it's still true that billionaires have the money and power to tie up the IRS with lawsuits to drag out the process and can sway politicians to support policies that favor the wealthy and and divert funding away from the IRS.

[–] NatakuNox@lemmy.world 3 points 3 months ago

We just need the political will to get money out of politics and to have a president that uses the bullypulpit to shame those people and companies.

[–] TragicNotCute@lemmy.world 14 points 3 months ago

From a link in that article:

After the IRA was signed into law, Treasury Secretary Janet Yellen directed IRS leadership not to increase audit rates on people making less than $400,000 a year annually.

Gives you an idea who they are actually targeting.

[–] satanmat@lemmy.world 7 points 3 months ago

And how many crazy people; who make $50000 a year and filed their taxes,will complain and whine the IRS is targeting them