IRS Commissioner Daniel Werfel said that with a boost in federal funding and the help of artificial intelligence tools, the agency has new means of targeting wealthy people who have “cut corners” on their taxes.
“If you pay your taxes on time it should be particularly frustrating when you see that wealthy filers are not,” Werfel told reporters in a call previewing the announcement. He said 1,600 millionaires who owe at least $250,000 each in back taxes and 75 large business partnerships that have assets of roughly $10 billion on average are targeted for the new “compliance efforts.”
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The difference in disposable capital between a millionaire and a billionaire is substantial. A millionaire might be able to drag out an audit and find clever loopholes.
A billionaire will simply fund Republican candidates that will defund the IRS so that they never even see the audit.
Q:What’s the difference between someone who has 1 million dollars and someone who has 1 billion dollars?
A:Roughly a billion dollars.
Really, it’s practically the same at 10M.
A billion is just so fucking much more that our brains have a hard time even conceptualizing it.
Yes very true. 0.1% and 1% respectively
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If you have a million, you can spend $1.9 every minute to spend it all in a year. If you have a billion, it’s $1900 every minute. A millionaire is just a rounding error for a billionaire.
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