The U.S. Department of the Treasury and IRS announced a "major milestone" of collecting more than $1 billion in past-due taxes from millionaires.
  • 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.
  • @hperrin
    1•27 days ago

    You can make a more basic stripped down tax code that’s still fair. What I’d like to see is instead of a stepped progressive tax rate, tax each dollar based on a function that approaches 100% somewhere around a million dollars. So maybe you can get another dollar by taking the next million, then one more by taking ten million, then the next one by taking a hundred million.