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I.R.S. Crackdown on Delinquent Millionaires Yields $1 Billion (www.nytimes.com)

submitted 4 months ago by baltakatei@sopuli.xyz to c/nyt_gift_articles@sopuli.xyz

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Dated: 2024-07-11. Added: 2024-07-11.

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[–] Clent@lemmy.world 0 points 4 months ago

Nope. The richest US billionaire has 500 billion. So the spread of billionaires exists only in half the space of millionaires. Assuming even distribution between both bounds the most it can be is 500x.

But that's only part of the problem. Billions buys an entire accountant team to protect their wealth. Billions buy one politicians to create tax loopholes leaving the IRS with nothing.

The IRS is not going to fix our billionaire problem.