News @lemmy.world MicroWave @lemmy.world 1 yr. ago

Americans failed to pay record $688 billion in taxes in 2021, IRS says. Look for more audits.

www.cbsnews.com Americans failed to pay record $688 billion in taxes in 2021, IRS says. Look for more audits.

Americans owe the IRS $688 billion in unpaid taxes, underscoring need for more audits, said IRS Commissioner.

Americans failed to pay $688 billion in taxes on their 2021 returns, a record level, according to a new estimate from the IRS. The agency said that it is taking "urgent" steps to increase compliance such as auditing more high-income taxpayers as well as businesses and partnerships.

The $688 billion estimate reflects the first time the IRS is providing information about the so-called tax gap on an annual basis, with the agency noting in a Thursday statement that it plans to continue providing the data on a yearly basis. The number reflects an increase of more than $138 billion from estimates for tax years 2017 to 2019, the agency said.

News @lemmy.world TheOneWithTheHair @lemmy.world 1 yr. ago

Americans failed to pay record $688 billion in taxes in 2021, IRS says. Look for more audits.

www.cbsnews.com /news/tax-irs-says-unpaid-tax-gap-at-record-688-billion/

25 comments

So they're gonna focus on auditing rich people and corporations, right?
- The agency said that it is taking "urgent" steps to increase compliance such as auditing more high-income taxpayers as well as businesses and partnerships.
  
  Straight from the article
  
  Which begs the question why this is a new thing, going after the bigger fish. I'll bet part of the answer is lawyers, i.e going after lower income is easier because they don't have ways to defend themselves. Or access to methods in hiding the money.
  
  I like them saying they'll do it. I'll like it even more if they actually do! There's a reason they target lower income people without scummy lawyers on retainer: doing the right thing (and funding our government) is hard. We'll be watching...
  
  Did the article define 'high-income taxpayer"?
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  In my company of 2000 people, roughly half are six-figure engineers... only two people make about 400k income a year.
- Hard to do when they get defunded etc.
- lol, good one
"Expect more audits" ...for people who earn $400k and up.

So basically normal people don't have to expect any changes, a bunch of rich peoples' accountants do.
- Oh noooo
  
  Anyway.
That's $2000 per American (including children and elderly)

How does that happen?
- Wealth disparity.
They say that each and every capable person put into the tax audit department will be a money making machine for the IRS. Maybe it's time to test this myth.
I'm all about anti corruption campaigns. We could have actually functional infrastructure and healthcare if the wealthy actually paid their taxes.
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