IRS made $4.7 trillion from individual taxpayers this year
"The Internal Revenue Service (IRS) has disclosed that it raked in nearly $5 trillion in taxes from Americans in the last fiscal year, while boosting the amount it paid out in refunds by nearly 3 percent and boasting that it kept its pledge not to increase audit rates for those earning less than $400,000 per year. After a record $4.9 trillion haul in the 2022 fiscal year, the IRS collected a slightly lower but still substantial $4.7 trillion last year, according to the IRS’s annual Data Book for fiscal year 2023." "The IRS insists its $400,000 pledge was a promise it managed to keep. “In fiscal year 2023, there was no increase in audits of tax returns for taxpayers making under $400,000 per year,” the IRS said in a statement." https://www.theepochtimes.com/us/irs-announces-tax-refund-increase-as-it-rakes-in-near-record-4-7-trillion-from-taxpayers-5632962?utm_source=News&src_src=News
The Epoch Times
Why not? People who make under 400k are more likely to commit tax fraud. Someone who makes more that will hire a skilled accountant. Lower income people commit billions in fraud of unreported cash earnings, etc... Restaurant industry was one giant fraud, I had over 10k in cash tips once that went completely unreported.
Good earnings report from the IRS. Long term growth looks good, definitely a buy here
So less than $15k on average? That’s not a lot.
Damn that’s just enough to cover the interest payments
Threshold should be higher. TC $550k
Or at least inflation adjusted. We need to pass more laws that are inflation adjusted: - Tax brackets - 401k limits - Minimum wage - Itemization limit Etc
^ 160k should not disqualify you from contributing to a Roth if you live in HCOL. At 160k in Seattle you are renting a 1-2 bed apartment and might have a car
All the money went to Israel
Billions also went to Ukraine with more on the way. Neither should be receiving a penny from us.
Foreign agents detected ^
Don’t blame irs dude. They just collect the taxes at the rates set by government.
When does one get audited? Is it random?
When you have deductions out of the norm or looks like you're living beyond your income due to unreported income.
Theft sent to foreign nations to help them kill their enemies instead of taking care of the needs of American citizens and our nation at large.
Do you know what percentage of gov spending is foreign aid vs medicaid and social security?
Social Security and Medicare are the vast majority, but at least that benefits some American citizens. I'd abolish our welfare programs, including Medicare and Social Security and eliminate all foreign aid (even though it's less than 3%), particularly aid that picks sides in wars or serves the intent of "nation building". Love what Javier Milei is doing in Argentina.
Daylight Robbery 💰