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Back taxes from 1600 millionaires is going to be drop in the budget of the revenue. So when they say this they mean you, the 'technically millionaire' category
by fooker 3y ago
Back taxes from 1600 millionaires is going to be drop in the budget of the revenue.
So when they say this they mean you, the 'technically millionaire' category who is not going to fight back with laywers.
- toomuchtodo 3y ago> He said 1,600 millionaires who owe at least $250,000 each in back taxes and 75 large business partnerships that have assets of roughly $10 billion on average are targeted for the new “compliance efforts.” I pay all of my taxes due, and I expect these deadbeats to do so also.
- fooker 3y agoThis sounds very much like "you don't need privacy if you have nothing to hide"
- Daishiman 3y agoNo, it's more like not letting the most advantages citizens get even more unfair advantages.
- tetris11 3y agoIf this law was primarily for the purposes of finding out where your sources of income come from, then sure. But it's getting back income that is due. If you owe $250,000 back to the public, then maybe you should pay it
- fooker 3y agoOkay, how does the IRS know you owe them money? The percentage of people with all their income appearing in a W2 or 1099 is fairly small.
- eli_gottlieb 3y ago> So when they say this they mean you, the 'technically millionaire' category I'm not technically a millionaire, since I'm not a millionaire at all. Pay up.
- fooker 3y agohttps://trac.syr.edu/tracirs/latest/682/ https://trac.syr.edu/tracirs/latest/682/
- wenebego 3y agoSo would you rather the IRS go after "technical" millionaires or the poor, with their limited resources?
- fooker 3y agoNo, I'm saying they are going to do that anyway, this is an excuse to allocate more manpower to that task. The extra revenue from 1600 people is hilariously small compared to their total.
- briHass 3y agoWell, that's certainly what they mean when the government talks about 'the rich' as a pejorative. You only need to look at SS tax limits, phase outs for tax-advantaged savings plans, and income exclusions for subsidies like the recent energy efficiency one to realize any household making over around $150K is considered rich. Of course, this makes sense. The vast majority of the tax revenue comes from the upper-middle/upper class. There just aren't enough of the upper-upper class (1%) to pay the bills. I'd wager almost everyone on HN in the US falls squarely in the range considered to be the group that needs to be squeezed.