Millionaires Growing By Leaps And Bounds!!!

[Sallow]

IRS goin' after the rich...

IRS cracks down on millionaires
March 29, 2011 -- Watch out millionaires: The IRS is coming for you.

Especially if you make more than $10 million. Audits of these folks surged 73% last year, hitting more than 18% of taxpayers in the highest income bracket, according to recently released statistics from the IRS. "There's always been this public perception that the rich are getting away with murder and the poor guy is left footing the bill," said Thomas Cooke, professor of accounting and business law at Georgetown University. "It's true that historically the low income earner was more likely to be subject to an examination than a high income earner, but now the higher income taxpayer is getting the greater focus."

Taxpayers making between $5 million and $10 million were also under more scrutiny last year. The IRS examined nearly 12% of the returns it received from people in this tax bracket -- a 54% jump from the previous year. Regular millionaires were in the crosshairs as well. Audits of taxpayers with income over $1 million increased 15% last year. The move to crack down on millionaires comes as the IRS looks to boost revenue and to improve its image among average taxpayers who think the IRS favors the wealthy, said Cooke.

Because rich taxpayers can often afford to spend more money on tax preparers and accountants, the perception has been that they can cheat the system more easily than the average Joe who is doing his taxes with a company like TurboTax or on his own. And of course more audits of the wealthy mean more revenue for the tax agency; funds collected from auditing jumped 18% to $57.6 billion last year. "The IRS is looking for additional sources of revenue, and the higher the income, the greater the potential reward when the IRS finds mistakes," Cooke said.

In fact, the IRS has even launched a unit to specifically monitor high income individuals, called the Global High Wealth Industry unit, which took effect last year. But a jump in audits doesn't necessarily mean that the IRS will hit the jackpot immediately. Many audits aren't resolved for several years, so the IRS will need to gauge how much money the new enforcement efforts bring in over the next few years. And the agency is only likely to continue ramping up audits of the wealthy if a significant amount of money is collected as a result.

MORE

The IRS costs taxpayers more than than it collects through audits of the evil rich

There should be far more audits.

That probably would have caught Maddoff before he made off with some 20 BILLION dollars.

 

[Skull Pilot]

IRS goin' after the rich...

IRS cracks down on millionaires
March 29, 2011 -- Watch out millionaires: The IRS is coming for you.

The IRS costs taxpayers more than than it collects through audits of the evil rich

There should be far more audits.

That probably would have caught Maddoff before he made off with some 20 BILLION dollars.

More audits equal more expense to the taxpayers.

Change the tax codes so as to eliminate the IRS and we'll save more than any band of government enforcers could ever collect through audits.

And Madoff's scam was the responsibility of the SEC

 

[DaGoose]

IRS goin' after the rich...

IRS cracks down on millionaires
March 29, 2011 -- Watch out millionaires: The IRS is coming for you.

Especially if you make more than $10 million. Audits of these folks surged 73% last year, hitting more than 18% of taxpayers in the highest income bracket, according to recently released statistics from the IRS. "There's always been this public perception that the rich are getting away with murder and the poor guy is left footing the bill," said Thomas Cooke, professor of accounting and business law at Georgetown University. "It's true that historically the low income earner was more likely to be subject to an examination than a high income earner, but now the higher income taxpayer is getting the greater focus."

Taxpayers making between $5 million and $10 million were also under more scrutiny last year. The IRS examined nearly 12% of the returns it received from people in this tax bracket -- a 54% jump from the previous year. Regular millionaires were in the crosshairs as well. Audits of taxpayers with income over $1 million increased 15% last year. The move to crack down on millionaires comes as the IRS looks to boost revenue and to improve its image among average taxpayers who think the IRS favors the wealthy, said Cooke.

Because rich taxpayers can often afford to spend more money on tax preparers and accountants, the perception has been that they can cheat the system more easily than the average Joe who is doing his taxes with a company like TurboTax or on his own. And of course more audits of the wealthy mean more revenue for the tax agency; funds collected from auditing jumped 18% to $57.6 billion last year. "The IRS is looking for additional sources of revenue, and the higher the income, the greater the potential reward when the IRS finds mistakes," Cooke said.

In fact, the IRS has even launched a unit to specifically monitor high income individuals, called the Global High Wealth Industry unit, which took effect last year. But a jump in audits doesn't necessarily mean that the IRS will hit the jackpot immediately. Many audits aren't resolved for several years, so the IRS will need to gauge how much money the new enforcement efforts bring in over the next few years. And the agency is only likely to continue ramping up audits of the wealthy if a significant amount of money is collected as a result.

MORE

The IRS costs taxpayers more than than it collects through audits of the evil rich

Can you (and/or Diamond Dave) back that up?

.

 

[Robert]

Wait, I thought the rich were nasty greedy people. So now Obama's policies have created more of them?? Wouldn't that be a failure of spreading the wealth around?
Of course the GOP victory in Nov is responsible for any upturn in the economy.

I was a little confused on that point as well.......Obama is supposedly creating more of the thing the left hates the most and he's crowing about it.

 

[Mr. Shaman]

This report is ASSETS ONLY. Means NOTHING.
I am worth 2 million but make around 100K a year.

Yeah, right.....and, I'm worth $10M.

 

[Skull Pilot]

IRS goin' after the rich...

IRS cracks down on millionaires
March 29, 2011 -- Watch out millionaires: The IRS is coming for you.

The IRS costs taxpayers more than than it collects through audits of the evil rich

Can you (and/or Diamond Dave) back that up?

.

http://www.treasury.gov/irsob/reports/2010/IRSOB%20FY11%20BUDGET%20REPORT.pdf

The IRS budget is 12.9 billion. an experienced agent makes as much as 70K per year.

So any new agent hired to audit the evil rich would have to find 17 people who owe money. But not everyone audited owes more in fact some people who are audited receive money back. And IRS audits are often wrong so they are appealed which costs the IRS more money in attorney's fees.

The only way to remedy this is to simplify the tax codes and get rid of the IRS.

 

[Gadawg73]

IRS goin' after the rich...

IRS cracks down on millionaires
March 29, 2011 -- Watch out millionaires: The IRS is coming for you.

The IRS costs taxpayers more than than it collects through audits of the evil rich

There should be far more audits.

That probably would have caught Maddoff before he made off with some 20 BILLION dollars.

The FAIR TAX eliminates all audits and the waste of time filing for income taxes.
Would spur an economic boom like we have never seen.

 

[editec]

How does a nation get "poorer"?

Rewarding those that refuse to educate themselves, have children out of wedlock and have a bad attitude with government "assistance" which, when totaled, is a middle class wage in the most other countries in the world. Tax the hell out of productive citizens and create a tax system where over half of the citizens pay NO taxes
or:

Lower taxes on productive citizens, businesses and corporations to spend, invest and create capital for expansion?

The flaw in that reasoning is the fact that wealth distributed into the hands of the poor is instantly re-circulated, which is what keeps the economy vibrant. If a poor person receives $100 he or she immediately spends that $100, which creates demand, which creates jobs -- and the wheels keep turning. That vibrancy is what drove the economy throughout the late 40s, the 50s, 60s, 70s and early 80s. Regulations that prevailed during those golden years prevented the accumulation of the bulk of the nation's resources by a small group of high-level manipulators.

What we've seen increasingly since the inception of Reaganomics and the attendant deregulation of safeguards is the concentration of wealth into the hands of an extremely small number of pathologically greedy super-rich who hoard it, thereby starving the vitality out of the economy.

That is the main problem. Blaming the poor simply diverts attention from it. So I respectfully suggest that you not be lulled by it. You're much too intelligent for that.

Exactly.

The masters have taken a reasonable economic theory (under some circumstances) Supply Side Economics and turned it from a sensible policy to a religious cause.

Our economiy is fibrilating because the PEOPLE don't have disposable incomes.

Meanwhile, this nation's superwealthy have no place to wisely invest money EXCEPT in foreign ventures.

Hell folks, CHINA used Keynesian economic policies (they invested 18% of the GNP into infrastructure in the last couple years) to jump start their economy and it's now growing, post the economic meltdown, at a rate of 8% annually.

Why did they do that?

Because the Chinese masters are economic pragamatists, not class warriors who've declared war on their own people out of SPITE.

 

[signelect]

We have become a nation of greed. We take but we don't give anything back and that is sad. We have become a nation where the dream is bigger better more for me and to heck with the rest of you. We have a political party of exclusion and one of buy the votes of the down trodden but keep them down. At least the R's don't hide and lie about what they do. Just think, the more illegals we have in this country the more votes we can buy. Wall Street is alive and thriving but main street is dying.

Texas announced that is it making massive cuts in education, we already are at the bottom of the list, and we are going to cut medical care for the poor, that is a quote. How can you cut what is already gone. Obama saw to that with Obama Care or more accurately lack of care.

American is on the way out if we don't do something soon. We voters are to blame.