[Papa_lecki]

Originally Posted by CoachKandSportsguy

IRS says it collected $38 million from more than 175 high-income tax delinquents | AP News

not sure we normal retired people have anything to worry about. .

That’s a rounding error in the federal budget.

[Stu from NYC]

Originally Posted by mickey100

Like all the big corporations that make a fortune in profits and pay no tax?

The tax system has been out of control for many years.

[Woodbear]

Originally Posted by manaboutown

Over 60% of US households pay no federal income tax; lots of freeloaders, "What me worry" types.

Increasing Share of U.S. Households Paying No Income Tax

I wonder if any of this magnificent sum was collected from Al Sharpton who last I heard owed $4.5M which would be much, much more now with penalties and interest?

Our Founding Fathers were prophetic in many ways, I so wished they limited voting to those that pay taxes. It is so hard to compete against any politician that offers to give away free stuff. Nobody hates Santa and he never comes in 2nd!

[rsmurano]

This is before they raise the budget for 87000 more irs agents for $8.5B cost.

[Janie123]

Originally Posted by retiredguy123

A national sales tax will never happen because the 50 percent of people who pay no income tax would need to start paying taxes.

the “Fair Tax” is a national sales tax on steroids and has been bouncing around congress for about 10 years now. It replaces ALL taxes the federal government takes in and includes a rebate to all house holds up to the poverty level for the tax they pay on good and services. This tax also replaces payroll taxes which anyone that works a legitimate job pays including the employer. Even the federal gas tax goes away with the fair tax. For retirees, all capital gain taxes goes away as well as RMDs. I’ve read a few books on it and can’t find a whole lot of cons and lots of pros… including abolishing the IRS.

[Cobullymom]

Originally Posted by CoachKandSportsguy

IRS says it collected $38 million from more than 175 high-income tax delinquents | AP News

not sure we normal retired people have anything to worry about. .

A drop in the bucket of the billions this government wastes, means nothing...The unchecked government spending is the problem...Not the citizens.

[retiredguy123]

Originally Posted by Janie123

the “Fair Tax” is a national sales tax on steroids and has been bouncing around congress for about 10 years now. It replaces ALL taxes the federal government takes in and includes a rebate to all house holds up to the poverty level for the tax they pay on good and services. This tax also replaces payroll taxes which anyone that works a legitimate job pays including the employer. Even the federal gas tax goes away with the fair tax. For retirees, all capital gain taxes goes away as well as RMDs. I’ve read a few books on it and can’t find a whole lot of cons and lots of pros… including abolishing the IRS.

LOL. It sounds good to me, but it would have zero chance of ever becoming a law.

[ThirdOfFive]

Originally Posted by Cobullymom

A drop in the bucket of the billions this government wastes, means nothing...The unchecked government spending is the problem...Not the citizens.

True that. I'd also add "unchecked government spending on pork", AKA vote buying and playing fast and loose with Joe Taxpayer's nickel.

Had an interesting situation UpNort some years back. An expressway was being built to replace a particularly onerous stretch of two-lane road. Minnesota is notorious for taking forever to complete highway projects and this one was no exception. It finally got done about early May one year. However that year was an election year and the road wasn't open for traffic until October. Big deal: media, cameras and of course the Congressional Rep. for that district was there taking all the credit. Though it was strenuously denied at the time, word had it that the opening was held off until October for precisely that reason.

There is far too little accountability, in my opinion, not just for what that tax nickel is spent on, but how.

[Jazzman]

Originally Posted by CoachKandSportsguy

IRS says it collected $38 million from more than 175 high-income tax delinquents | AP News

not sure we normal retired people have anything to worry about. .

The federal government spends $7 million per minute, every hour every day. So this covers spending for six minutes. And I would bet that this news article is overblown and tries to categorize these high income earners as cheaters on their taxes. In all likelihood it most likely was a difference in the understanding or interpretation of complex tax laws between their accountants and the IRS

[retiredguy123]

Originally Posted by ThirdOfFive

True that. I'd also add "unchecked government spending on pork", AKA vote buying and playing fast and loose with Joe Taxpayer's nickel.

Had an interesting situation UpNort some years back. An expressway was being built to replace a particularly onerous stretch of two-lane road. Minnesota is notorious for taking forever to complete highway projects and this one was no exception. It finally got done about early May one year. However that year was an election year and the road wasn't open for traffic until October. Big deal: media, cameras and of course the Congressional Rep. for that district was there taking all the credit. Though it was strenuously denied at the time, word had it that the opening was held off until October for precisely that reason.

There is far too little accountability, in my opinion, not just for what that tax nickel is spent on, but how.

That reminds me of an Army general who once asked why a headquarters building design was not completed. He was told that the foundation design would take another 2 months or so. He demanded that it be completed in a week. So, the structural engineers designed a 5 foot thick, solid concrete mat foundation, which cost about 5 times as much as a typical footing design. The building was completed early, but it sat empty for about 8 months after completion.

[SHIBUMI]

Simplify reporting for the wealthy. Create a 5 line tax form for them. Name, SS#, address, occupation, income. Take that income times 33% and thats your tax liability. Billions more will come in and a 6th grader could check it. Its all about too many deductions.
Leave those for the middle class.

[NoMo50]

$38M is chump change. If that money was truly "collected," rather than just listed as a receivable, it is likely those tax cases started many years ago. If the money came from settlements with the taxpayers, the cases were no doubt settled for a fraction of what was actually owed. You and I do not get the option of settling our tax liability for pennies on the dollar. But, if you have an army of lawyers and lobbyists at your disposal...

[retiredguy123]

Originally Posted by Rich Iwaszko

Simplify reporting for the wealthy. Create a 5 line tax form for them. Name, SS#, address, occupation, income. Take that income times 33% and thats your tax liability. Billions more will come in and a 6th grader could check it. Its all about too many deductions.
Leave those for the middle class.

How would you define income? Would a restaurant that has $1 million in gross sales have to pay $330,000 in taxes?

[Andyhope]

Originally Posted by retiredguy123

Progress? So, they collected $38 million, but how much did they spend to collect it? The IRS annual budget is about $14 billion. $38 million is only 0.27 percent of their budget.

Wonder if the got anything from Sharpton??? Probably not 😩

[merrymini]

Introduce a VAT tax. Buy high priced item, pay more taxes. Of course, it does not stop government spending like a drunken sailor. That is a other problem.