IRS plans to raise $50 billion over 10 years, closing loophole exploited by the wealthy
NBCJun 25
IRS Nets $1B in Back Taxes From Millionaires
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The Facts
The US Dept. of the Treasury announced on Thursday that the Internal Revenue Service's (IRS) crackdown on alleged delinquent, high-income taxpayers has recovered $1B in back taxes this year.
This comes as the IRS narrowed in on 1.6K taxpayers who earned at least $1M a year and owed more than $250K in recognized tax debt, collecting $1B from over 1.2K individuals so far.
The Spin
Republican narrative
The IRS has become bigger and worse than ever after being given newfound windfalls of cash to be an arbitrary and draconian institution. This federal agency has punitively enforced tax rules it invented on a whim and without the approval of Congress or the public. Perversely, those who make a mistake on their taxes can earn a fine of up to $10K, which leads to many not filing at all in the hopes of going unnoticed.
Democratic narrative
The GOP's efforts to demonize the IRS are falling flat. By narrowly targeting wealthy tax cheats, the IRS has been able to secure more government funding by simply giving the agency the resources that it needs. The attacks on the IRS are part of their "starve the beast" strategy to deprive the public of much-needed funds and enable deep cuts to social services. Because of Democrats' policies, the IRS is now working as intended.