Last month, GAO audited the auditors. That is, they took a look at IRS audits of rich people to see how much, on average, they collected from them. Here are the results:
Oddly enough, the enormous jump in 2022 is because of a Republican initiative. By 2020 audit rates of rich people had gotten so low—down from 30% to 7%—that even Donald Trump's Treasury Department was a little embarrassed about it. So Treasury Secretary Steve Mnuchin ordered the IRS to audit at least 8% of high-income returns.
That's not a huge bump, but along with some extra funding it caused tax collections from the rich to increase from $200 million to $2 billion. And keep in mind that this is just low-hanging fruit: it's extra money collected with basically no pushback. The IRS got it just for asking.
A little bit goes a long way! Just imagine what this is going to look like when the increased IRS funding in the Inflation Reduction Act really kicks in. It's no wonder that Treasury now figures it can collect an extra $77 billion per year when it really turns on the audit machine.
This is good, but taxing the rich at much higher rates would go even farther.
Money equals power, and power equals money, and we, as a country, have moved too far into inequality in both areas.
First, increase the number of auditors. Then increase the rates. Otherwise you will just have the same number of tax cheaters, just at higher tax rates.
This is, of course, why the IRS must be DEFUNDED IMMEDIATELY because CHASIN' AFTER HARD-WORKIN' AMERICANS to GIVE MONEY AND OBAMAPHONES to THOSE LAZY PEOPLE AND ALSO IMMIGRANTS!!!
See also Johnson, Lyndon, on poor Whites emptying their pockets.
From the Man himself: I said, you didn't pay. You're delinquent. He said, yes, let's say that happened. No, I would not protect you. In fact, I would encourage them to do whatever the hell they want. You got to pay. You got to pay your bills.
You've got to pay for those roads that deliver your goods, those cops that protect your warehouses, those troops that stabilize land routes, sailors that ward off pirates, newspapers that deliver your propaganda. All for your profit.
It's worth it.
Stoopid librul. Ever'body knows all that tax money goes for gummint bureaucrats and sendin' "foreign aid" away to other people, and them Obamaphones and that WELfare. And also that "diversity" stuff, and them lawyers they pay for that!
Just leave a man alone, that's what *I* say! And get them potholes fixed, dammit!
I guess you're right. Why waste a scintilla of profit when the r00bs will pay it.
That, and there's always Dubai.
Keep the government off my back, and while you're at it keep those subsidy checks coming. And keep your dam gubmint hands off my social security.
You audit the rich because that's were the money is.
Frankly, auditing people who's income is primarily reported on W-2's and 1099's isn't going to yield a whole lot, while auditing people who own businesses is a much more fruitful endeavor. Business owners have the opportunity to flow a portion of the personal lifestyle through their business as business expenses.