Throughout your experiences in the field of finance, have you ever encountered something that made you wonder, "Why does this still exist?" It could be a process that desperately needs automation, or a task that drowns in tediousness.
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Yes, the whole US taxation system and the IRS. Especially Biden wanting to spend $80 billion over the next 10 years to bolster the IRS. We need smaller government and a simplified tax system. It shouldn't be so complicated.
https://www.marketwatch.com/story/bidens-80b-proposal-to-fund-the-irs-i…
"President Joe Biden says strengthening the Internal Revenue Service is going to require an approximately $80 billion investment over a decade — but that’s way too rich a sum, according to a former commissioner at the tax-collection agency.
“I think this funding is dramatically in excess of what the IRS needs and could probably effectively use,” said David Kautter, a former Internal Revenue Service commissioner during the Trump administration and former Treasury Department assistant secretary for tax policy, speaking Monday."
Strengthening the IRS by 80 billion means the government gets 700 billion from non-compliant tax payers, mostly ultra wealthy. Why should people who break tax laws get away with it clean? Do the glorious job creators get to break the laws of this country but not us?
https://www.cnbc.com/2021/05/05/bidens-80-billion-plan-to-beef-up-irs-a…
You actually want people to pay more in taxes? Then simplify things, don't throw more good money after bad. Hong Kong famously has a tax code that's only 276 pages long. The IRS? 6,550 pages, plus 10x that in legal precedents around that code because it's so incomprehensible it has to be decided in a court room instead of easily interpreted. Think of all the money the IRS could reroute to better uses of their budget instead of bloated government attorney salaries and benefits?
You know what else most of those pages are? Loopholes and deductions and schemes to allow knowledgeable tax payers to legally avoid taxation. Look up the difference between evasion and avoidance (hint: one's legal, the other isn't).
Here's another fun idea: what if the number of audits has dropped also because the number of violations has dropped too? I know, that is contradictory to H&R block and others having a notoriously large lobby group to inject yet more bloat into the tax code in order to further drive their interests even deeper into the industry they've created around tax filing preparation.
Get a refund because the IRS is stupid and can't follow their own rules and use it to order some more Domino's. Thankfully their pizza isn't as greasy as the IRS usually is.
Agreed. To me, "investing in the IRS" is basically the equivalent of saying, "let's throw money into a giant hole".
Not true. CBO says it will bring in 200 billion, and CNBC says 700 billion.
https://www.crfb.org/blogs/cbo-estimates-120-billion-irs-funding-boost
https://www.cnbc.com/2021/05/05/bidens-80-billion-plan-to-beef-up-irs-a…
On the contrary, letting rich guys dodge taxes and park them in offshore accounts is basically throwing money into a giant hole.
Economists have been saying the middle class, not the ultra wealthy drive economic growth. Conservatives don't listen of course, and in plenty of countries they cut taxes on the ultra wealthy over the past 50 years. But the economic data shows that no matter what year no matter what country the only effect is rich people get richer. It's a failed economic model that keeps being repeated over and over again.
https://www.cbsnews.com/news/tax-cuts-rich-50-years-no-trickle-down/
Based and Fuck-the-IRS-pilled
Yep! Defund the police! But only the police that investigate rich people not paying taxes!
Settlements. Why the fuck do things still take 3 days to settle. Idk the ops but things should move a lot faster than they do.
Settlements? Are you referring to bank transfers, or something else?
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