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The ultra wealthy were already safe; it's much cheaper for the IRS accuse a middle class household with a couple W2s and a Doordash 1098 of inadequately trackin
by elevation 4mo ago
The ultra wealthy were already safe; it's much cheaper for the IRS accuse a middle class household with a couple W2s and a Doordash 1098 of inadequately tracking their mileage and fuel receipts than it is to review the reams of paperwork they'd receive when auditing any of the ultra-rich.
Meanwhile, even in an alternate reality where IRS was occasionally seizing some billionaire's entire life savings for cause, the proceeds would fund the federal government's operations for just a few hours. Hours! No amount of collected taxes make a difference when congress spends 2-3x what they collect!
- 7jjjjjjj 4mo agoCongress doesn't spend to 2-3x what they collect. It's closer to 1.4x. Please don't spread misinformation.
- elevation 4mo ago> It's closer to 1.4x. Correct. The average was 1.37x revenue from the last decade[0], and the peak was 1.92x in 2020, not quite 2x. [0] FY2015-2024
- triceratops 4mo ago> Meanwhile, even in an alternate reality where IRS was occasionally seizing some billionaire's entire life savings for cause, the proceeds would fund the federal government's operations for just a few hours. Do you imagine that when the government spends, it feeds money into a furnace and it's gone forever? That's not how it works. It pays people and companies. That money comes back as more taxes.
- ofModel35ba3b 4mo agoGood thing finance is merely a political meme and not a physical constant of reality. Propaganda worked on finance bros. Bullets will too.