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  • Yellen Sends Letter to IRS in Support of Funding for IRS to Improve Taxpayer Service & Combat Evasion By High Income Earners and Corporations

    From home.treasury.gov

    Today, U.S. Secretary of the Treasury Janet L. Yellen sent a letter to the Commissioner of the Internal Revenue Service (IRS) Charles P. Rettig in support of the much needed funding to the IRS to improve taxpayer service, modernize outdated technological infrastructure, and increase equity in the tax system by enforcing the tax laws against those high-earners, large corporations, and complex partnerships who today do not pay what they owe. Secretary Yellen also reaffirmed the Administration’s commitment to not increasing audit rates relative to recent years on Americans making under $400,000 a year, noting that ... (full story)

Added at 10:08pm

Added at 10:08pm

Added at 10:09pm

They are coming for you!
hi dear friends, will it effect currencies positively UP or negatively?
Whenever any government says to improve tax services, it simply implies "We are taxing you peasants more! You can run but you cannot hide - suckers!".
Leave the country or renounce the citizenship . It's one thing to pay taxes , it's another being taxed to death .
GOOD ...

US Inflation Rate is at 8.52%, compared to 9.06% last month and 5.37% last year. This is higher than the long term average of 3.26%.
Follow price direction
Quoting khanpk
hi dear friends, will it effect currencies positively UP or negatively?
They going to run Broe bcoz they dont wanna pay tax, it might just have a negative effect before it recovers
More taxes all over the world just as we enter recession
How's everything thing else working out for you that Yellen has been involved with?
Fits right in with Biden administration motto: Don't underestimate Joe Biden's ability to fuck things up.

something and something about knowing a Tree by it's fruit.
. Irrespective of the moral grounds for ensuring that any Tax Rules are applied properly in this feature, based on a number of observations via FF, which MIGHT be an incorrect one, if it's not a random sample, I find myself asking a particular question more and more: Does Yellen ever say "No!" to anything?
Am I "out on a limb" with that Q, folks? Is it the wrong Q?
The new Gestapo...
Quoting DaJoWaBa
. Irrespective of the moral grounds for ensuring that any Tax Rules are applied properly in this feature, based on a number of observations via FF, which MIGHT be an incorrect one, if it's not a random sample, I find myself asking a particular question more and more: Does Yellen ever say "No!" to anything? Am I "out on a limb" with that Q, folks? Is it the wrong Q?
She is and always has been a Political tool. She is no intellectual and hasn't got an original thought in her head, never has, never will.
Quoting Yawgmouth
{quote} She is and always has been a Political tool. She is no intellectual and hasn't got an original thought in her head, never has, never will.
Yes, that's the opinion I've been forming. Thanks for responding.
Quoting NotBoris
Whenever any government says to improve tax services, it simply implies "We are taxing you peasants more! You can run but you cannot hide - suckers!".
The IRS came after me for $7 and change one year. I sent a nasty note with my remittance and an agent called me letting me know I now owed an additional dollar in interest and how prickish they could be. I sent the dollar. And I have never been anywhere near high income status.
I would have paid it off in instalments , to make them wait .
The secret to tax management is … don’t, earn the income in your own name , and hire a good tax advocate .
Old Dog Kiwi
Quoting gat
{quote} The IRS came after me for $7 and change one year. I sent a nasty note with my remittance and an agent called me letting me know I now owed an additional dollar in interest and how prickish they could be. I sent the dollar. And I have never been anywhere near high income status.
Likewise the same with ours here in UK.........always going after us peasants while the rich gets away.
Reading most of the post above -- Im Impressed.
Seems to be a lot of folk here with net value +10m.
and there was I thinking most folk here are just struggling small retail traders.

What the FOCUS of this news item was, is that the COLLECTION of tax , principally from wealthy US citizens many , many hiding behind one or more of the myriad of tax dodging loopholes that litter the US system, will come under pressure because of a greater investment by the the US government in the IRS, enhancing their capability to investigate and bring these folk to heel.

Surely good news for hard pressed tax complaint disadvantaged and middle class folk that make up 70% of your great nation.

And yet what I read is a blizzard of dissent.
Notwithstanding that the entire system is corrupt, it did seem to me to be a step in the right direction. If only a Tiny One.

But then, what do I know.
Warning: A Dangerous Subversive: 1% of comments CoCed
High Income Earners and Corporations pay very little in taxes, that's why they are High Income Earners and Corporations.
What Yellen and senile Joe are saying is that they want to get more money from those who have no choice but to pay: the middle class and wage earners, and especially small businesses. It is a fact that small businesses can be a bit "creative" when paying taxes because that is the only way they can stay in buisiness.
To implement this the democrats are raising an "army" (the "officers" will be allowed to have weapons) of 87,000 IRS agent.
One can hope that this is not going to go over well.
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  • Posted: Aug 10, 2022 10:03pm
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     Newsstand
    Category: High Impact Breaking News
    Comments: 17  /  Views: 5,757