- The Treasury Department and the IRS announced the collection of more than $1 billion in tax debt from high-income individuals over the past year.
- In September, the IRS announced plans to expand its scrutiny of those making more than $1 million annually with more than $250,000 in recognized tax debt.
- However, the funding enacted in 2022 that is allowing the IRS to pursue its plans still has its critics, particularly among congressional Republicans.
I imagine the IRS is going after millionaires for the same reason it goes after poor and lower middle class people: they lack the resources to mount a defense.
Billionaires have enough money that they could stall indefinitely. Or at least until they can fund a president that will just pardon them.
The only cure for billionaires is the guillotine.
The only cure for billionaires (that helps everyone else) is to raise their flat tax rate to 70% … like it used to be.
In 1944, the highest tax rate was 94%! By 1953, it had dropped. To 92%. We need to go back to that. The richest will find ways around it, but that’s not a reason not to do it.