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How much did Congress lose by defunding the IRS? Way more than we thought.
(www.washingtonpost.com)
this post was submitted on 14 Jun 2023
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Smart enough to set up a Lemmy instance, too dumb to read financial graphs. Can anyone help someone dumb with money? :)
The IRS generates many times more revenue than its operating cost when they audit wealthy taxpayers.
Meanwhile, they are now requiring people to disclose even $600/yr income gained from side sources. This is down from the previous requirement of mandating it only if one earn $20,000/yr from side sources.
If they only intend to audit the big guys, why are they suddenly requiring people to report a measly $600/yr in side-income while simultaneously massively beefing up the number of auditors?