Posted on 03/10/2023 10:57:05 AM PST by ChicagoConservative27
Treasury Department Secretary Janet Yellen acknowledged on Friday that 90 percent of IRS audits will be conducted on small businesses and families, not billionaires.
Testifying before the House Ways and Means Committee, Rep. Adrian Smith (R-NE) questioned Yellen on the ambiguity of her opening statement. Smith prefaced his question by noting the 87,000 new IRS agents hired at the agency over the next decade to conduct tax enforcement on Americans.
“Regarding the audits, there has been confusion about the meaning of the directive that you cited,” Smith said in his line of questioning. “Are you talking about the total number of audits or the proportion of audits on families and small businesses under 400,000 dollars?”
“I’m talking about the proportion of those small businesses and families,” Yellen admitted.
(Excerpt) Read more at breitbart.com ...
One thing immigration has brought in is millions of very corrupt people from very corrupt countries who don’t even think in terms of calling what they do corruption.
If you live in cities with a lot of small foreign-owned little businesses, then you have probably seen some very suspicious practices.
The 87,000 new IRS Auditors should audit those on welfare to determine if they are eligible and if they are claiming too many benefits. This would contribute to raising tax money and lowering welfare costs.
Get ready all you Biden Voters, they’re coming after your a$$ and soon.
I’m also a senior citizen, no income other than a small bit of bank interest + SS. I don’t even file.
The mandatory age for cashing the required amount out of my IRAs into taxable income was raised a year, so I’m good for another year.
seems like a plausible solution.
I like the way you think.
It would also explain why these agents need to be armed...
There are only around 700 billionaires in the US. You don’t need 87,000 auditors for them. Of course they are coming for everyday working folks.
Inflation is transitory.
Wouldn’t the much feared deflation also be transitory?
The majority of audits will be correspondence audits possibly targeting clusters of individuals who file HOH and Schedule C reporting around 14K of non existant income with 2-3 children and claim Child Tax and Additional Child Tax Credit. (May be their children or ssns may be borrowed.) A lot of the addresses will include a Trailer number sometimes with 10 or 11 individuals who use the same address. (Trailer park along Airport drive in Atlanta for example.... Grand concourse in NYC perhaps.)
They will also target returns from specific tax preparers who live in poor neighborhoods and deliberately understate income and overstate credits to maximize refunds for which they have already provided an advance refund to the Taxpayer and who will be left high and dry because their corrected return might be a tax bill rather than a refund or might not be as much as the anticipated refund and they end up dealing with a credit collection agency rather than getting a refund. Sometimes the Scamsters will file a fake return from a fake address and with the help of a USPS employee snag fake refunds for which he or she get a cut.
In the old days when they just input it and refunded the requested amount BEORE they even had all the withholding information from companies leading to massive amounts of fraudulent refunds. That has changed and they no longer do that. (Now that we are a post Christian immigrant overwhelmed 3rd world country.)
The returns from high worth individuals have generally been prepared by certified accountants whose certification relies on honesty and accuracy. There may be some mistakes mostly because of the complexity of the tax code, but not nearly as many as deliberately falsified returns from "Marginalized" communities who don't think a 2nd thought about tax fraud if they can get away with it.
“Janet Yellen Admits 90 Percent of IRS Audits Will Slap Small Business and Families, Not Billionaires”
Since billionaires are the Demoncrats ... I mean Democrats’ biggest donors, no one should believe they will pay significantly higher taxes.
Bump
I would bet a lot of money you are correct.
Democrats have plans for everything they want
DON’T OBEY YOU PAY
so have we had enough of these senile bastards running and ruining the country?
“the 87,000 new IRS agents hired at the agency over the next decade to conduct tax enforcement on Americans.”
These 87,000 agents aren’t new. That’s the number projected to replace all the IRS agents who are dropping dead from Kung Flu injections over the next decade.
Question is, when does the Civil War start. I’ve had it! I’m prepared to slog through the mud once again to save this nation from within.
I noticed that in the ‘80s, in a Midwestern community of people whose ancestors had arrived more than 80 years before.
Mostly affirmative action hires and women no doubt
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.