News that brings a smile: IRS collects $1 billion from past-due millionaires
President Joe Biden’s Inflation Reduction Act gave the IRS funds to “pursue high-income, high-wealth individuals who have failed to pay recognized tax debt.” They’ve recovered more than $1,000,000,000.
The crackdown on back taxes focused on:
- Taxpayers must make “more than $1 million in income” annually and
- Taxpayer back taxes that meet or exceed $250,000.
Project 2025 proposes gutting our progressive tax system (pay an incrementally larger percentage as you have greater income) for a regressive two-tiered flat tax.
The result: millions in the 95% will pay more taxes.
[I]t proposes just two tax rates: a 15% flat tax for people earning up to about $168,000, and a 30% income tax for people earning above that, according to the document. It also proposes eliminating “most deductions, credits and exclusions,” although the blueprint doesn’t specify which ones would go and which would stay.
These are the stakes.
Note that the New York Times report came 15 hours after AP, CNBC, CNN and Forbes. It was six hours behind the Washington Post.
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