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IRS Cracking Down on Wealthy Americans
The IRS is weaponizing on wealthy republican Americans by cracking down on tax cheaters. Politician have been in talks of adding an additional 80,000 IRS special agents to go after Americans who may be abusing the U.S. tax code for additional revenues. With special emphasis on targeting republican taxpayers, millions of dollars is expected to be collected from taxpayers. The Internal Revenue Service will scrutiny irregular deposits and withdrawal including PayPal and Zelle wire transfers.
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The IRS has recently launched a significant crackdown targeting wealthy Americans and their tax practices, focusing on high-income earners who have used complex financial tools to underreport their income and avoid paying their full share of taxes. This initiative is largely funded by the Inflation Reduction Act, which provided the IRS with an additional $80 billion over the next decade. The enhanced enforcement effort aims to address the decreasing audit rates that wealthier taxpayers experienced over the past ten years due to budget constraints.
The IRS plans to use improved technology, including artificial intelligence, to identify tax dodgers more effectively. The agency’s commitment includes avoiding audits on middle- and low-income taxpayers while emphasizing fairness in identifying tax cheats among the wealthy. Already, the initiative has led to the recovery of over $38 million from high-income earners who were underpaying their taxes (Money) (ThinkAdvisor).
