Posted on 03/12/2023 8:17:19 AM PDT by John Semmens
While making the rich pay their fair share of taxes has been the rhetoric favored by President Biden, in her testimony to the House Ways and Means Committee Treasury Secretary Janet Yellen, admitted that 90% of the enforcement actions by the Internal Revenue Service (IRS) will be focused on businesses and families earning less than $400,000 per year.
Yellen explained that “billionaires are a hard target for the IRS. They can afford the best accountants and lawyers to help them minimize the taxes they pay. Those with smaller incomes are a riper source for reaping more taxes. It is not cost-effective for them to hire the kind of people that billionaires employ to avoid paying more in taxes. The number of person-hours of labor the average person would have to invest to escape paying more taxes is enormous. Just paying whatever the IRS says they owe is the least painful and most practical option in the vast majority of these cases.”
The Secretary praised Congress for “it’s wisdom in approving the IRS budget increase that will fund more armed enforcement personnel at the agency. The 80,000 additional agents is a tenfold increase over previous staffing levels. Taxpayers’ chances of being audited can now increase tenfold. Revenues extracted from these taxpayers can also increase tenfold. Essential expenditures like the proposed 5.2% increase in salaries for federal workers become more feasible as our measures for transferring more of the nation’s wealth into the public sector become more energetic and successful.”
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And I’ll bet humper biden is safe.
Many of these so-called audits are just computer generated letters asking a specific question. If you filled in your tax return correctly, you just send in your response with appropriate documentation. The IRS does not have the manpower to conduct any sort of real audit on small tax returns.
Buffett chuckles when he says his Secretary pays more in taxes than he does and that the rich should pay more.
But he spent millions fighting the IRS and winning.
There are around 700 billionaires in the U.S. Obvious from the start that those 87,000 new agents will be going after others and not just the super rich.
Surprise! The little guy gets slammed by big government all the while democrats get paid by china to sell out the US.
Because of the high cost of going to court small businesses and individuals are less likely to fight the IRS and just pay them off.
This is what happens when the rich vote Democrat.
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