The following report is by The Trends Journal:
With an $80-billion cash infusion from the 2022 Inflation Reduction Act, the IRS has launched a major crackdown on large companies, partnerships, and wealthy individuals with particularly complex tax returns, Werfel said.
Until the agency received the extra funds, it lacked enough workers with necessary skills to take apart all of the complicated returns that needed to be audited, Werfel noted.
Audits of taxpayers with annual incomes above $1 million had plunged 80 percent over the previous 10 years, while the number of taxpayers with incomes that high rose by 80 percent, according to IRS figures.
In January, the agency reported that its new initiative had delivered $482 million from 1,600 millionaires who owed taxes but had not paid them. Every dollar spent on enforcement yields $6 in additional tax revenue, the U.S. treasury has calculated.
“There is plenty of work to be done,” Werfel added. “We’re still going.”
The increased audits will produce an additional $561 billion in taxes through 2034, the treasury department has estimated.
TREND FORECAST: We see this as IRS hype to rectify the Biden administration justification for stealing $80 billion of taxpayers money to build up the IRS.
The billionaires and multi-millionaires will use their massive accounting and legal firms to counter the IRS and will pay little or nothing after it is all said and done. The penalties and fines resulting from the audits will do nothing to persuade the major tax evaders to play it straight.
Instead, the IRS will go after small businesses, the middle class and lower class to steal all they can from the Plantation workers of Slavelandia.
The increased IRS enforcement budget will continue to turn a profit that will contribute, however modestly, to the public treasury and to slowing the rise in the national debt.
AUTHOR COMMENTARY
This is typical governmental projection and gaslighting. We ALL know that the richest of the rich pay next to nothing, if not even completely zero, while the slave masters continue to bust our chops over pennies. SEE: IRS Whistleblower Given Max Prison Sentence For Leaking Tax Records Of The Elite, Showing How The Game Is Rigged
The IRS has once again delayed the $600 cash app rule, requiring Americans file a 1099-K if they make over $600 from cash and credit apps, or acquire over 200 transactions. However, those who earned over $20,000 still have to file a 1099-K, but in the short term seek to lower the threshold to $5,000 for the 2024 taxing season.
Undoubtably a lot of Americans will forgo paying their taxes this year, simply because they cannot afford it, and/or they are taking a rebel stand against this corrupt system. Anticipating this, the 2021 Inflation Reduction Act gave funding for the IRS to hire new agents, clearly so they can go shakedown so-called “middle class” and the poverty class. SEE: The ‘Inflation Reduction Act’ Directs $80 Billion To Hire 87K New IRS Agents To Shakedown And Brutalize Taxpayers However, this action take years to get all the agents they want assembled. Quite frankly, I think a massive amount of Americans will forgo taxes this year and moving forward, and the IRS just simply will not able to keep up. We’ll see what comes of it. I definitely can’t say I blame people for not wanting to waste money on this God-forsaken country anymore.
He that oppresseth the poor reproacheth his Maker: but he that honoureth him hath mercy on the poor.
Proverbs 14:31
[7] Who goeth a warfare any time at his own charges? who planteth a vineyard, and eateth not of the fruit thereof? or who feedeth a flock, and eateth not of the milk of the flock? [8] Say I these things as a man? or saith not the law the same also? [9] For it is written in the law of Moses, Thou shalt not muzzle the mouth of the ox that treadeth out the corn. Doth God take care for oxen? [10] Or saith he it altogether for our sakes? For our sakes, no doubt, this is written: that he that ploweth should plow in hope; and that he that thresheth in hope should be partaker of his hope. (1 Corinthians 9:7-10).
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