this post was submitted on 11 Jul 2024
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  • The Treasury Department and the IRS announced the collection of more than $1 billion in tax debt from high-income individuals over the past year.
  • In September, the IRS announced plans to expand its scrutiny of those making more than $1 million annually with more than $250,000 in recognized tax debt. 
  • However, the funding enacted in 2022 that is allowing the IRS to pursue its plans still has its critics, particularly among congressional Republicans.
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[–] CosmicTurtle0@lemmy.dbzer0.com 29 points 4 months ago (1 children)

I imagine the IRS is going after millionaires for the same reason it goes after poor and lower middle class people: they lack the resources to mount a defense.

Billionaires have enough money that they could stall indefinitely. Or at least until they can fund a president that will just pardon them.

The only cure for billionaires is the guillotine.

[–] girlfreddy@lemmy.ca 7 points 4 months ago (1 children)

The only cure for billionaires (that helps everyone else) is to raise their flat tax rate to 70% ... like it used to be.

[–] d00phy@lemmy.world 7 points 4 months ago* (last edited 4 months ago)

In 1944, the highest tax rate was 94%! By 1953, it had dropped. To 92%. We need to go back to that. The richest will find ways around it, but that’s not a reason not to do it.