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Re: Good. Let California pay for it. Not 50 states. Negotiate 4 ur priorities instead of bankrupting the US
Author: Commenter
Date: 10-31-2023 - 16:48
Ooh! Facts. I love facts.
1. The federal gas tax hasn't been raised in 30 years and is not adjusted for inflation.
2. $280,000,000,000 has been taken from the general fund to support the Interstate Highway System in the last 15 years. This is tax money paid by everyone, even those who can't afford a car.
3. There are two ways to go broke: spend too much or earn too little. Under the Trump administration taxes on the top 0.1% were cut drastically, thereby greatly increasing the national debt.
4. Audits of taxpayers in the top 0.1 percent of the income distribution returned more than $6 in revenue for every dollar spent in audit resources, much more than audits of lower-income taxpayers. So guess where the audits are going to be?
5. "The IRS will increase focus on the high wealth, high balance due taxpayer field initiative. This effort targets taxpayers with income of more than $1 million and tax debt greater than $250,000. The IRS previously collected $38 million from 175 taxpayers in this group and plans to expand its efforts by contacting approximately 1,600 additional taxpayers in this category."
6. "The IRS is using new artificial intelligence capabilities to expand its LPC program, which audits some of the largest and most complex partnerships, to include selection of additional large partnerships and compliance risks."
So if you have an income of less than $400,000 as an individual you have no worries. But if you earned over $1 million and have been hiding stuff, prayer may be called for. And if you are a "pass through" fund or partnership hiding assets in overseas locations, life is going to get very interesting.
1. The federal gas tax hasn't been raised in 30 years and is not adjusted for inflation.
2. $280,000,000,000 has been taken from the general fund to support the Interstate Highway System in the last 15 years. This is tax money paid by everyone, even those who can't afford a car.
3. There are two ways to go broke: spend too much or earn too little. Under the Trump administration taxes on the top 0.1% were cut drastically, thereby greatly increasing the national debt.
4. Audits of taxpayers in the top 0.1 percent of the income distribution returned more than $6 in revenue for every dollar spent in audit resources, much more than audits of lower-income taxpayers. So guess where the audits are going to be?
5. "The IRS will increase focus on the high wealth, high balance due taxpayer field initiative. This effort targets taxpayers with income of more than $1 million and tax debt greater than $250,000. The IRS previously collected $38 million from 175 taxpayers in this group and plans to expand its efforts by contacting approximately 1,600 additional taxpayers in this category."
6. "The IRS is using new artificial intelligence capabilities to expand its LPC program, which audits some of the largest and most complex partnerships, to include selection of additional large partnerships and compliance risks."
So if you have an income of less than $400,000 as an individual you have no worries. But if you earned over $1 million and have been hiding stuff, prayer may be called for. And if you are a "pass through" fund or partnership hiding assets in overseas locations, life is going to get very interesting.
