inflation reduction act to double size of IRS

[mostpost]

Originally Posted by Dave Schwartz

I am part of a group of guys who call themselves The Futurists.

Everyone in the group (except me) either owns or manages a $100m and up company. (I know; it's crazy. Why am I there, right?)

One of them said to me this morning that the plan is to collect taxes that are not being paid by auditing the crap out of Americans.

More specifically, registered Republicans.

Paranoid much? Fact is, the part of the IRS that conducts audits is woefully understaffed. I don’t recall the exact numbers but it’s about fifty% what it should be. They are years behind on audits.

They will not be concentrating on you and me. Bad risk/reward ratio. They’re going after the big fish; the corporations and billionaires. I’m sure those audits require a lot of people.

[Dave Schwartz]

Originally Posted by mostpost

Paranoid much? Fact is, the part of the IRS that conducts audits is woefully understaffed. I don’t recall the exact numbers but it’s about fifty% what it should be. They are years behind on audits.

They will not be concentrating on you and me. Bad risk/reward ratio. They’re going after the big fish; the corporations and billionaires. I’m sure those audits require a lot of people.

Now that you have spoken, I feel so much better.

[rastajenk]

Maybe if the tax code were simpler there wouldn't need to be so many auditors.

[Dave Schwartz]

Originally Posted by rastajenk

Maybe if the tax code were simpler there wouldn't need to be so many auditors.

100%.

Steve Forbes has spoken on the topic of a national sales tax for years. There are just so many benefits, not the least of which are the ability to...

• Stop taxing basic needs such as (basic) housing, medical care, prescriptions, food, etc.
• Easily increase taxes 0on luxury versions of those same items.
• Cut IRS staff by 75%

Ironically, one of the major complaints I heard was that almost 250,000 people would lose their jobs if income tax was replaced by sales tax (where only businesses filed returns).

This included IRS and tax preparers (and their staff).
IRS & Tax Preparers (not including staff) number about 150,000.

[JustRalph]

Originally Posted by Inner Dirt

P.S. I believe everything you post, you just don't always understand when I am screwing around and being sarcastic. I can have a strange sense of humor at times.

[Striker]

Originally Posted by mostpost

Paranoid much? Fact is, the part of the IRS that conducts audits is woefully understaffed. I don’t recall the exact numbers but it’s about fifty% what it should be. They are years behind on audits.

They will not be concentrating on you and me. Bad risk/reward ratio. They’re going after the big fish; the corporations and billionaires. I’m sure those audits require a lot of people.

So hire 87,000 new people to go after the 1,000 billionaires that we have?

[JustRalph]

Originally Posted by Striker

So hire 87,000 new people to go after the 1,000 billionaires that we have?

Yeah, sure. Mosty knows who they are going after

YOU N ME!

[Dave Schwartz]

Originally Posted by Striker

So hire 87,000 new people to go after the 1,000 billionaires that we have?

Brilliant!

[Inner Dirt]

Originally Posted by mostpost

$6.5 Billion Natural Gas Tax Which Will Increase Household Energy Bills

What they don’t tell you is this is a tax on Methane emissions. The less methane you emit, the lower the tax you pay. They also don’t tell you that the bill offers generous subsidies for companies that install emissions reducing technology.

As for homeowners, in Illinois, a typical homeowner might pay $30-35 a month more in the coldest months.

They also make no mention of consumer savings on clean energy rebates, health insurance premiums and reduced drug prices. One estimate is that those savings may be as high as $1800 a year.

I already shot holes in part of that in another thread, I could probably debunk every bit of it if I wanted to kill more time.
Part of that savings was based on replacing your water heater with a heat pump water heater. Claiming it could save 2-3 times what one would spend in electricity. That presents two problems, most people have gas water heaters so that thing would increase their utility bills. Also during periods of high use, the heat pump system can't
keep up and it turns into an electric sucking standard 4500 watt electric water heater.


I know as much as a typical electrical contractor about electricity, as I do all my own electrical work, I just got done rewiring most of my house, including a new service entrance. I also wired my machine shop, and have done the same for friends, I also do all electrical repairs to any machinery I have.


I know what every electrical device consumes that the average person uses. The misinformation out there is quite alarming, anyone trying to sell
a Democrat's program rarely tells the whole story or flat out lies.

[biggestal99]

we need more IRS agents.

everyone knows this.

Allan

[Tom]

Originally Posted by rastajenk

Maybe if the tax code were simpler there wouldn't need to be so many auditors.

Careful what you wish for!

[Tom]

[davew]

Originally Posted by rastajenk

Maybe if the tax code were simpler there wouldn't need to be so many auditors.

Hopefully some of the new IRS agents will be able to answer the phone when people call the help line. Currently only 10% of calls are being answered ... how many hours would you wait on hold?

Another issue is most of the questions would be too difficult for someone to answer.

[mostpost]

The Inflation Reduction Act has not even been signed into law yet. Nonetheless, the CPI For July increased 0.0. As in nothing; not at all Zero. I know that is only one Month, but every streak starts somewhere. And this is a streak, not a one time thing.

[PaceAdvantage]

Originally Posted by mostpost

The Inflation Reduction Act has not even been signed into law yet. Nonetheless, the CPI For July increased 0.0. As in nothing; not at all Zero. I know that is only one Month, but every streak starts somewhere. And this is a streak, not a one time thing.

OK boomer