Joe Ferguson forever Posted January 10, 2023 Posted January 10, 2023 Certainly shows the priorities of the new house. https://thehill.com/homenews/house/3806234-house-gop-passes-repeal-of-irs-funding-boost-as-its-first-bill-in-the-majority/
Orlando Buffalo Posted January 10, 2023 Posted January 10, 2023 3 minutes ago, redtail hawk said: Certainly shows the priorities of the new house. https://thehill.com/homenews/house/3806234-house-gop-passes-repeal-of-irs-funding-boost-as-its-first-bill-in-the-majority/ Do you believe we need 100k agents to deal with the less than 1 million people in US who make a million a year? Or do you believe that the 87k would not be used primarily on those who make less than $200k a year? 3
Joe Ferguson forever Posted January 10, 2023 Author Posted January 10, 2023 (edited) 22 minutes ago, Orlando Tim said: Do you believe we need 100k agents to deal with the less than 1 million people in US who make a million a year? Or do you believe that the 87k would not be used primarily on those who make less than $200k a year? I believe with Dem oversight, they would go after big money. And the effort would pay for itself many, many times over. I don't think 1 agent/10000 very high earners is a bad ratio Edited January 10, 2023 by redtail hawk 1 4
JaCrispy Posted January 10, 2023 Posted January 10, 2023 (edited) 32 minutes ago, redtail hawk said: I believe with Dem oversight, they would go after big money. And the effort would pay for itself many, many times over. I don't think 1 agent/10000 very high earners is a bad ratio This is such a naive thread…Dems are Big Money, as big money runs the government… It makes no sense for them to suppress their donors…But it does make sense to try to suppress the people attempting to expose the corruption… All you have to do is look at every action the Biden administration has done to put down “the little guy” and then look at every action they have taken to side with Big Pharma, Big Tech and the Big Banks… The Dems are Big Money… Edited January 10, 2023 by JaCrispy 1 2 1 1
wnyguy Posted January 10, 2023 Posted January 10, 2023 (edited) 18 minutes ago, redtail hawk said: I believe with Dem oversight, they would go after big money. And the effort would pay for itself many, many times over. I don't think 1 agent/10000 very high earners is a bad ratio You do realize that the top 25 percent of earners paid almost 90 percent of all income taxes in 2020. https://www.ntu.org/foundation/tax-page/who-pays-income-taxes Edited January 10, 2023 by wnyguy 1
Joe Ferguson forever Posted January 10, 2023 Author Posted January 10, 2023 21 minutes ago, wnyguy said: You do realize that the top 25 percent of earners paid almost 90 percent of all income taxes in 2020. https://www.ntu.org/foundation/tax-page/who-pays-income-taxes I do, all too well. but some in that group are more equal than others... 28 minutes ago, JaCrispy said: This is such a naive thread…Dems are Big Money, as big money runs the government… It makes no sense for them to suppress their donors…But it does make sense to try to suppress the people attempting to expose the corruption… All you have to do is look at every action the Biden administration has done to put down “the little guy” and then look at every action they have taken to side with Big Pharma, Big Tech and the Big Banks… The Dems are Big Money… not on this bill. 1
All_Pro_Bills Posted January 10, 2023 Posted January 10, 2023 (edited) This partisan fight over funding the IRS to support Federal tax revenue collection is moot because there are no constraints on how much the government can spend other than the rubber stamp annual Congressional vote. To make up any gap in budget vs. tax revenue they just borrow as much money as they need to fund whatever they decide to fund. And never pay it back. While this Ponzi scheme Federal budget process is unsustainable the fun part is to do the math, look at currently rising rates, and debt rollover funding, and time out when all Federal tax revenue will be necessary to fund interest payments on the national debt. But I expect well before that happens the world of finance will figure it out and the Sheet will hit the fan for the Washington spending machine and it will be game over. Edited January 10, 2023 by All_Pro_Bills
Roundybout Posted January 10, 2023 Posted January 10, 2023 23 minutes ago, All_Pro_Bills said: This partisan fight over funding the IRS to support Federal tax revenue collection is moot because there are no constraints on how much the government can spend other than the rubber stamp annual Congressional vote. To make up any gap in budget vs. tax revenue they just borrow as much money as they need to fund whatever they decide to fund. And never pay it back. While this Ponzi scheme Federal budget process is unsustainable the fun part is to do the math, look at currently rising rates, and debt rollover funding, and time out when all Federal tax revenue will be necessary to fund interest payments on the national debt. But I expect well before that happens the world of finance will figure it out and the Sheet will hit the fan for the Washington spending machine and it will be game over. You guys have been saying this for decades. It ain’t gonna happen. Stop making it such a taking point.
The Frankish Reich Posted January 10, 2023 Posted January 10, 2023 1 hour ago, Orlando Tim said: Do you believe we need 100k agents to deal with the less than 1 million people in US who make a million a year? Or do you believe that the 87k would not be used primarily on those who make less than $200k a year? Look, there’s a lot, lot of tax cheating going on. Including on things like child tax credits, including tax returns from middle and lower income people, some of whom happen to be the immigrants decried for getting tax payer funded benefits. I pay my share honestly. I have no problem with a government making sure that other people do too. 1
ChiGoose Posted January 10, 2023 Posted January 10, 2023 5 minutes ago, The Frankish Reich said: Look, there’s a lot, lot of tax cheating going on. Including on things like child tax credits, including tax returns from middle and lower income people, some of whom happen to be the immigrants decried for getting tax payer funded benefits. I pay my share honestly. I have no problem with a government making sure that other people do too. Not only that, but a lot of the headcount is to replace people who are leaving and not all of it is for agents either. But you can always bet on the GOP helping the rich and tax cheats while selling it to a willing public as somehow benefiting them when it actually hurts them. They’ll eat it up anyway. 2 1
The Frankish Reich Posted January 10, 2023 Posted January 10, 2023 I know we have some accountants who comment here. I’d like to hear their take on this. I’m not an accountant, but I have had occasion to review lots of tax filings in my line of work. My impression: there’s not all that much cheating (or room to cheat) among salaried employees, even those who are very well compensated. But the world of business owners/self-employed/consultants? That’s a different story. And it includes the big money types (Trump’s taxes) all the way down to the construction contractor. And they rarely get audited. 2
SoCal Deek Posted January 10, 2023 Posted January 10, 2023 3 minutes ago, The Frankish Reich said: I know we have some accountants who comment here. I’d like to hear their take on this. I’m not an accountant, but I have had occasion to review lots of tax filings in my line of work. My impression: there’s not all that much cheating (or room to cheat) among salaried employees, even those who are very well compensated. But the world of business owners/self-employed/consultants? That’s a different story. And it includes the big money types (Trump’s taxes) all the way down to the construction contractor. And they rarely get audited. Say what? So you, who admittedly has limited experience with reviewing taxes holds this opinion, but apparently this has escaped the IRS? If so, we don’t need more agents, we need ones that know what the f$&k they’re doing! (Or they could just call you. 😉)
Doc Posted January 10, 2023 Posted January 10, 2023 This could have been taken care of in the first year of Barry's admin.
The Frankish Reich Posted January 10, 2023 Posted January 10, 2023 (edited) 6 minutes ago, SoCal Deek said: Say what? So you, who admittedly has limited experience with reviewing taxes holds this opinion, but apparently this has escaped the IRS? If so, we don’t need more agents, we need ones that know what the f$&k they’re doing! (Or they could just call you. 😉) I asked our accountants to weigh in. So that’s exactly what I said: my impression. And no, it hasn’t “escaped the IRS.” That’s why they want to shore up the ranks of auditors. I thought that’s what we were discussing. You sound almost like someone with something to hide … And believe me, it’s not all high end taxpayers. Many were recent immigrants claiming 5 “nephews” they had custody of, getting back way more in so called “refundable” tax credits than they ever paid in, all assisted by tax preparers who sometimes did it this way without their knowledge. Edited January 10, 2023 by The Frankish Reich
Joe Ferguson forever Posted January 10, 2023 Author Posted January 10, 2023 (edited) 14 minutes ago, The Frankish Reich said: I know we have some accountants who comment here. I’d like to hear their take on this. I’m not an accountant, but I have had occasion to review lots of tax filings in my line of work. My impression: there’s not all that much cheating (or room to cheat) among salaried employees, even those who are very well compensated. But the world of business owners/self-employed/consultants? That’s a different story. And it includes the big money types (Trump’s taxes) all the way down to the construction contractor. And they rarely get audited. Owned my own business for years. Never cheated but knew a guy that did and got caught (was also taking his employees retirement savings). I think most small businesses use their own accountants and lawyers. They're not going to easily risk losing their licenses. But the companies with in house guys, those need to be watched more closely. btw, I was audited as a grad student research asst earning $7000/yr because I claimed the pay as an educational grant (it was). They dropped it but this kind of thing is stupid. Go after the big fish and get big returns. Edited January 10, 2023 by redtail hawk
SoCal Deek Posted January 10, 2023 Posted January 10, 2023 2 minutes ago, The Frankish Reich said: I asked our accountants to weigh in. So that’s exactly what I said: my impression. And no, it hasn’t “escaped the IRS.” That’s why they want to shore up the ranks of auditors. I thought that’s what we were discussing. You sound almost like someone with something to hide … And believe me, it’s not all high end taxpayers. Many were recent immigrants claiming 5 “nephews” they had custody of, getting back way more in so called “refundable” tax credits than they ever paid in, all assisted by tax preparers who sometimes did it this way without their knowledge. Lighten up Frank. I have nothing to hide. I’m the one paying for everything. And you appear to be the one thinking guys like me are getting away with ‘stuff’. 2
Joe Ferguson forever Posted January 10, 2023 Author Posted January 10, 2023 6 minutes ago, Doc said: This could have been taken care of in the first year of Barry's admin. huh? Not increasing IRS agents to go after big money cheaters?
SoCal Deek Posted January 10, 2023 Posted January 10, 2023 Just now, redtail hawk said: huh? Not increasing IRS agents to go after big money cheaters? And it’s your position that the IRS is currently going after ‘little money’ cheaters?
Doc Posted January 10, 2023 Posted January 10, 2023 4 minutes ago, redtail hawk said: huh? Not increasing IRS agents to go after big money cheaters? Addressing big money cheaters/unfair loopholes for the rich.
The Frankish Reich Posted January 10, 2023 Posted January 10, 2023 7 minutes ago, SoCal Deek said: Lighten up Frank. I have nothing to hide. I’m the one paying for everything. And you appear to be the one thinking guys like me are getting away with ‘stuff’. No. I don’t know your situation, and I’m sure the majority of business owners are on the up and up. Look, I hate our tax system. If I could be assured that the progressive income tax would never come back, I’d be all for a VAT/consumption tax + a low flat tax to finance the government. Tax compliance exerts a dead weight cost on all US economic activity. But that’s not what we have now, so we need to trust but verify. And audits are hated, but how else do you verify?
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