Hurricane Helena devastation in NC!

[OSU Beavers]

 

[Terrel L. Shields]

The high net worth IRS collection has noting

Again ,what "high net worth IRS collection?" Where are they? They claim a Billion dollars but that wasn't newly discovered taxes. It was PAST DUE taxes
U.S. IRS to hire nearly 20,000 staff over two years with $80 billion in new funds. Lemme see. Sounds like they cost $80 for every dollar collected.

 

[J Grant]

Again ,what "high net worth IRS collection?" Where are they? They claim a Billion dollars but that wasn't newly discovered taxes. It was PAST DUE taxes
U.S. IRS to hire nearly 20,000 staff over two years with $80 billion in new funds. Lemme see. Sounds like they cost $80 for every dollar collected.

Where did you get 80 billion in new funds from? Please provide it
In general collections and customer service, the IRS was starved of funding for years, and returns backed up, and you could not even get an agent on the phone-they needed more hire.s

Do you think the IRS should let wealth tax cheats go scott free? Why? Why not collect it?

The IRs announced the agency has surpassed the $1 billion mark in collections from high-wealth taxpayers with past-due taxes.

As part of larger efforts taking place, the IRS has stepped up activity specifically on 1,600 individuals whose incomes were more than $1 million per year and who each owed the IRS more than $250,000 in recognized tax debt. Since last fall, this IRS compliance effort has generated more than $1 billion in collections from this group, with work continuing in this area.

“With this collection activity, the IRS passed an important milestone in our effort to improve compliance and ensure fairness in the tax system,” said IRS Commissioner Danny Werfel. “Our increased work in this area means these past-due tax bills from high-end taxpayers are no longer being left on the table, like they were too often in the past.”

“Years of funding declines meant the IRS couldn’t get to money that we knew was owed, but we simply didn’t have the resources or staffing to collect,” Werfel added. “Funding from the Inflation Reduction Act is reversing a decade-long decline in our compliance work, including increasing our compliance work involving the wealthiest individuals and groups with tax issues. The collection results achieved in less than a year reveal the magnitude of what can be achieved over the long run as our Inflation Reduction enforcement continues to ramp up in the months ahead.”

 

[residentialguy]

 

[RCA]

Again, if Trump had not run up a three trillion deficit pre covid from massive tax cuts to the wealthy and corporations, FEMA could be flush with cash -

If you exclude the impact of the pandemic, then Trump increased the deficit at the same pace as Obama.

Donald Trump Built a National Debt So Big (Even Before the Pandemic) That It’ll Weigh Down the Economy for Years

The “King of Debt” promised to reduce the national debt — then his tax cuts made it surge. Add in the pandemic, and he oversaw the third-biggest deficit increase of any president.

www.propublica.org

The US took the lead in developing a vaccine for Covid-19. It is a good thing it did. In any case, there was really no choice.

 

[J Grant]

If you exclude the impact of the pandemic, then Trump increased the deficit at the same pace as Obama.

Donald Trump Built a National Debt So Big (Even Before the Pandemic) That It’ll Weigh Down the Economy for Years

The “King of Debt” promised to reduce the national debt — then his tax cuts made it surge. Add in the pandemic, and he oversaw the third-biggest deficit increase of any president.

www.propublica.org

The US took the lead in developing a vaccine for Covid-19. It is a good thing it did. But, there was really no choice.

The difference is Trump sells himself as an economic genius, it is not genius to short term stimulate the economy by cutting taxes to create a huge deficit - and the working class got crumbs of the tax cut on their end. Only a trickle of manufacturing jobs came back.

Obama had a reason for an economic stimulant because he took over when the financial markets and housing market was close to collapse -thanks to Buhs, another Republican fiasco )

Trump took over a rebounding economy after Obama did the heavy lifting to rebuild it over 8 years.

 

[Terrel L. Shields]

Where did you get 80 billion in new funds from? Please provide it

GEE...what do you think the IRS got in the IRA?
The Inflation Reduction Act provided $80 billion in additional funding to the IRS, much of which is dedicated to closing the tax gap by specifically enforcing tax compliance by the wealthiest tax evaders.

$80 billion for $1 billion in return

 

[J Grant]

Updated October 20, 2022Part 3 of Title I, Subtitle A of P.L. 117-169, commonly referred to as the Inflation Reduction Act (IRA),appropriated to the Internal Revenue Service (IRS) and related agencies a total of $79.6 billion to remainavailable through the end of FY2031 to bolster taxpayer services and enforcement of the tax code, amongother purposes. The law intended this new spending to supplement, not replace, the IRS’s normal annualappropriations (see Figure 1).Figure 1. The IRS’s Budget AuthorityThrough FY2031 Under the Inflation Reduction ActSource: Congressional Budget Office; Part 3 of Title I, Subtitle A of the Inflation Reduction Act.Notes: Prior projection is for FY2022-FY2031. Assumes no change in base appropriations.Congressional Research Servicehttps://crsreports.congress.govIN11977Congressional Research Service 2IRS AppropriationsEnforcementThe IRA gave the IRS $45.6 billion for tax enforcement activities such as hiring more enforcementagents, providing legal support, and investing in “investigative technology.” The funds can also be used tomonitor and enforce taxes on digital assets such as cryptocurrency. P.L. 117-58, the InfrastructureInvestment and Jobs Act, required cryptocurrency brokers to report more information on their clients’trading activity to the IRS starting in 2023. (The law also appropriated $153 million to the United StatesTax Court.)Supporters argue these funds will reduce the “tax gap,” or the average annual value of unpaid federaltaxes. The IRS estimates the tax gap averaged $381 billion after accounting for enforcement between2011 and 2013, the most recent years available. Some argue the 19% decline in the IRS’s inflationadjusted (CPI-RS) funding between 2010 and 2019 facilitated tax evasion. Funding rose in 2020 and2021, in large part to help the IRS administer COVID-19-related benefits. (For more on the tax gap, seeCRS In Focus IF11887, Federal Tax Gap: Size, Contributing Factors, and the Debate Over Reducing It.)The Congressional Budget Office estimates that the additional enforcement measures funded by this lawwill generate $204 billion in revenues through FY2031, although such estimates are highly uncertain.

 

[Zoe]

I wonder how far the storm surge may go this time where Milton hits directly. They are saying Milton will have more direct storm surge along that coast line than Helene did because Helene stayed about 200 miles off the Florida west coast line where Milton will be more of a direct push into the coast line. They are saying Wednesday night into Thursday so now is the time to being packing up and getting out if you think you may drown.

Surely there are some shelters close by or you could try to get in the middle of the State or head to North Florida.

 

[Zoe]

Not only the storm surge. Many areas if you look at the national weather service link and scroll all the way down the first page near the left side and click the hurricane link. Look at how much rainfall is forecast in some areas not counting the storm surge.

Here it is: https://www.weather.gov/

Scroll down the page and click hurricanes under the heading "Active Alerts". It will show you different forecast maps. This will change some every few hours but they update frequently. It will show different things on different map links at the next page. Wind speeds, etc.

It looks like you would be safe in extreme north florida or the panhandle of florida. That could change every few hours on that National weather service link.