IRS Commissioner Danny Werfel says in a new interview that the IRS will expand its pursuit of high-wealth tax dodgers in the coming months.
IRS Commissioner Danny Werfel has a message for high-wealth tax cheats who are wrongly deducting private jet travel and otherwise shorting the government on their taxes: Pay your fair share so “others aren’t shouldering the burden of funding our government.”
Werfel, who will hit the one-year mark at the helm of the IRS in April, said in a wide-ranging interview with The Associated Press that the agency will expand its pursuit of high-wealth tax dodgers with new initiatives in the coming months and is using tools like artificial intelligence to ferret out abuses and taking the fight to sophisticated scammers.
That doesn’t mean the IRS has undergone a complete image makeover. There’s still plenty of criticism to go around, including from Republican lawmakers who accuse the agency of heavy-handed overreach.
The simplest solution to avoid all this bullshit is to abandon our ridiculous gargantuan tax code system and implement a flat tax rate system. The same percentage for everyone with no loopholes or exemptions except for the most extenuous of circumstances.
A flat tax is a terrible idea. 10% of the salary of someone who makes $50,000 a year is a lot bigger hardship than 10% of the salary of someone who makes $500,000 a year.
Look, I'm not a damn policy expert, all I know is our current tax code is completely fucked and benefits the wealthy and screws the middle class as is. Make it a 50% tax on anything above $500k, I don't know. Just make it less garbage than it is now, where I'm getting screwed and have to deal with filing taxes every year. I had friends in Norway that didn't have to deal with tax returns because it was already all accurate and taken out of their pay. What a crazy concept.
Years ago I came up with an algorithmic progressive tax that tracks the income distribution curve.
Using the 2011 numbers I could get 1% increments for. With a top tax rate of 40%, the bottom ~85% of people had a tax rate below 5%, and the budget that year would still balance.
And being a fixed algorythm, it's completely closed to manipulation. Unless you lie about your income, but that's already a felony.
But what if you creatively identify your income? And then get a bonus of a bunch of stocks, which you then leverage with a bank loan?..... oh right, that's how a lot of them do it already.