Rather than starve working Americans to give tax breaks to the top 1%, Biden is lifting up working class and middle class Americans while making sure that the 1% pays their share.
How? Well one way was when he announces this plan:
IRS plans to crack down on 1,600 millionaires to collect millions in back taxes
The IRS announced on Friday it is launching an effort to aggressively pursue 1,600 millionaires and 75 large business partnerships that owe hundreds of millions of dollars in past due taxes.
IRS Commissioner Daniel Werfel said that with a boost in federal funding and the help of artificial intelligence tools, the agency has new means of targeting wealthy people who have “cut corners" on their taxes.
“If you pay your taxes on time it should be particularly frustrating when you see that wealthy filers are not,” Werfel told reporters in a call previewing the announcement. He said 1,600 millionaires who owe at least $250,000 each in back taxes and 75 large business partnerships that have assets of roughly $10 billion on average are targeted for the new “compliance efforts."
and it is working!— IRS has collected $160 million in back taxes by cracking down on millionaires
The Internal Revenue Service has collected $160 million in back taxes this year by cracking down on millionaires who haven’t paid what they owe, the agency said Friday.
The recent effort to target high-income individuals has been boosted by an increase in federal funding provided by Democrats last year through the Inflation Reduction Act.
In September, the IRS started seeking back taxes from about 1,600 taxpayers with income above $1 million and more than $250,000 in tax debt. So far, the IRS has closed 100 of those cases, collecting $122 million, it said Friday.
Earlier this year, the IRS collected $38 million from more than 175 high-income earners. That brings the total to $160 million so far this year.
Is there still more work to be done? 100%! Lots more work. But Biden did more than many people guessed could be done. And he deserves a lot of credit. AND he deserves to be re-elected.
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