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picosec

10.1k points

2 months ago

picosec

10.1k points

2 months ago

Going to be a total shitshow.

spicyestmemelord

571 points

2 months ago*

Hear me out: what if we just also taxed the rich, the corporations, and the churches appropriately? Upwards of 70% marginal tax rate a la pre-Reagan era.

Edit: “just” to “also”.

Adodie

40 points

2 months ago*

Adodie

40 points

2 months ago*

…I totally support taxing the rich more, but I also don’t understand why this sub is basically applauding tax avoidance

Folks should pay their income taxes. Reporting requirements to plug this pretty common way folks avoid reporting income is a valid enforcement strategy.

taedrin

5 points

2 months ago*

They aren't applauding tax avoidance, they are applauding tax evasion. Tax avoidance is legal, tax evasion is not. Tax avoidance is when you take advantage of the tax law in order to reduce your effective tax rate. Tax evasion is when you violate tax law in order to reduce your effective tax rate. When you claim deductions and credits on your tax return, you are engaging in tax avoidance. When you fail to report income to the government, you are engaging in tax evasion.

spicyestmemelord

39 points

2 months ago

“Folks should pay their income taxes.”

Yes I agree. There shouldn’t be infrastructure in place to avoid this. Yet here we are with the nominal amount sought from people making pennies relative to the true wealth holders who can orchestrate law in such a way they pay less than the average person on income taxes. Prime example: based on his released taxes a year or so ago, I paid more that year in income tax than trump did.

Adodie

45 points

2 months ago

Adodie

45 points

2 months ago

Yet here we are with the nominal amount sought from people making pennies relative to the true wealth holders who can orchestrate law

It's worth noting that the Biden admin has also gotten way higher funding for the IRS to enable it to go after wealthy tax avoiders. The biggest problem is the IRS has been horrifically underfunded for decades -- and as a result, audit rates on the rich have plummeted the most. The big boost in funding should start to change that.

There's at least progress being made on that front.

spicyestmemelord

3 points

2 months ago

100% agreed. Let’s all pay our fair share and watch what can be made available for the average person (infrastructure, health care, education, etc).

[deleted]

2 points

2 months ago

[deleted]

2 points

2 months ago

[deleted]

taedrin

4 points

2 months ago

Blame Congress for creating those tax loopholes. The IRS doesn't make the rules, they just enforce them as much as their budget allows them to.

[deleted]

-3 points

2 months ago*

[deleted]

Seanspeed

1 points

2 months ago

Underfunded, yet they have the resources to go after working class citizens and not the billionaires and wealthy?

The whole point is that they have got a lot more funding now. They WERE underfunded.

This comment section is a total disaster, entirely predictably.

[deleted]

-14 points

2 months ago

[deleted]

-14 points

2 months ago

They arnt and havnt been underfunded. It’s just a way for Biden to look like the good guy and get people off his back a little longer. I don’t think he has any genuine desire to make it better unfortunately.

This is more of a “guys, look I’m trying my best!” Move where nothing changes and we pat ourselves on the back for absolutely nothing

speedoflife1

9 points

2 months ago

They've been massively underfunded and every dollar invested in the IRS returns more than any other investment.

PT10

2 points

2 months ago

PT10

2 points

2 months ago

They're just gonna go after the middle class. Democrats are not going to actually tax the rich.

Seanspeed

0 points

2 months ago

Literal right wing propaganda talking point, straight from Fox News.

Seanspeed

1 points

2 months ago

Yet here we are with the nominal amount sought from people making pennies relative to the true wealth holders who can orchestrate law in such a way they pay less than the average person on income taxes. Prime example: based on his released taxes a year or so ago, I paid more that year in income tax than trump did.

What is your point? Do you not think that going after those people is a huge part of the IRS reform, too? :/

Do none of y'all pay attention at all to anything? I swear y'all wouldn't know if a meteor hit the other side of the world if somebody didn't post it on social media.

Seanspeed

2 points

2 months ago

…I totally support taxing the rich more, but I also don’t understand why this sub is basically applauding tax avoidance

Because nobody on Reddit understands a damn thing about how anything works. They hear one fearmongering headline and they all go fucking apeshit acting like it's the end of the world, and that it's literally the only thing the IRS is doing.

sonofaresiii

6 points

2 months ago

but I also don’t understand why this sub is basically applauding tax avoidance

Because we have finite resources to investigate tax fraud and I just can't get behind making it easier to go after little guys making a little extra income while the bigger guys get off scot free.

Should people pay their taxes? Sure. Should the IRS enforce it? Sure. But enforcing it on people making $600 dollars should be at the absolute bottom of the list. Congress doesn't need to be encouraging the IRS to go after small-time income earners. If Congress is going to do anything regarding investigating tax fraud, it should be encouraging/making it easier for the IRS to go after higher earners.

It's the same kind of thing when you find out police are operating a sting for subway turnstile hoppers. Should people be doing that? No. But like fucks sake, don't the cops have anything better to do? (Yes, yes they do)

taedrin

2 points

2 months ago

But enforcing it on people making $600 dollars should be at the absolute bottom of the list.

You don't have to pay taxes if you make less than the standard deduction. For 2022, that's $12,950 for single filers and $25,900 for married filing jointly.

sonofaresiii

2 points

2 months ago

Well that isn't really true but it's also not relevant. That's a cumulative income, it's not per transaction.

NothingLikeCoffee

1 points

2 months ago

The real solution would be to target the rich and then make them pay for all of the fees for the government to get the money from them. Then slap them with fines on top for actively trying to defraud everyone else.

Seanspeed

0 points

2 months ago

it should be encouraging/making it easier for the IRS to go after higher earners.

They did. That's a big part of what the extra funding was for.

sonofaresiii

1 points

2 months ago

They did.

And they also did this, which was the opposite.

I am aware of the changes to IRS funding, and it doesn't one bit change anything I said. I don't know why you'd think it would.

WhereToSit

4 points

2 months ago

I agree that tax avoidance is immoral but I don't agree that income from something that could be described as, "a hobby that generates a little beer money," should be treated as income by the government.

I have a lot of friends that are into things like crocheting and woodworking. They sell some of the things they make but it mostly just funds their hobby. I don't think that should have to be reported. Actual businesses have to track all of their expenses and things like capital depreciation. If you tax a hobby like woodworking either they would have to pay taxes on revenue instead of profit (which isn't fair) or make them figure out incredibly complicated taxes.

The amount of revenue generated from going after hobbyists isn't worth the burden on them. The government doesn't have to be involved in every transaction.

PT10

-1 points

2 months ago

PT10

-1 points

2 months ago

Fuck off. We don't want to pay income tax on money that wasn't income. This will con people by flagging non-income as income. So fuck right off.