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So, it takes $80 billion in new money to chase $400 million of old money, plus parts of the $10 billion of partnerships? Seems like a major lost effort.
The IRS is going to get $80billion over the next 10 years. They haven’t gotten it all yet. I little common sense will tell you that you can’t ramp up everywhere all at once. It’s estimated that for every dollar invested in the IRS, tax collection will increase by $5 to $9. So yeah, it is a good investment, and this new program is just the low hanging fruit. Like the article suggests, the next target will be all of the top 1% that underreport income by up to 20%.
Kevin, you lack knowledge about our tax collection system. History shows that for each $1 added to IRS enforcement, the government collects an additional $8 in taxes. So it is wise to “beef up” IRS enforcement and make sure those at the top of our economic food chain are doing/paying their part, just as the folks at the bottom of the food chain faithfully pay their taxes. The final total will be much more than $400MM in a single year.
How soon people forget 2 hour wait times and the 80% abandon call rate when trying to call the IRS under the Trump administration.
Defund the tax police is the Republican model. With a skeleton crew, only the people that have all of their income reported on 1099’s were caught by the automated programs and when there was a mistake, you couldn’t get hold of anybody to understand why or even fix it. An underfunded IRS could only harass the little guy and ignore all of the big dollar tax cheats.