Official LRC Kamala Harris for President Thread

WORLDS APART wrote:

Voting matters wrote:

This just in: the government has collected an extra $1.3 billion in taxes from wealthy individuals since expanding the IRS as part of the Inflation Reduction Act. Unfortunately it has cost them about $16 billion thus far to achieve this. Government efficiency at its finest.

Link:www.cnn.com/2024/09/06/politics/irs-in...

This was projected to generate an extra $20 billion in revenue per year. Still waiting.

This post is misleading at best, and dishonest at worst.

The IRA has led to the recovery of $1.3 billion in taxes that were owed, all from high earners:

"As part of its enforcement campaign, the IRS has identified 125,000 people who earn at least $400,000 a year but have not filed federal income taxes since 2017. Over the past six months, the IRS has reached out to those taxpayers and recouped $172 million from them.
The IRS is also targeting about 1,600 millionaires with more than $250,000 in tax debt that they have not paid. Nearly 80% of those taxpayers have now made a payment, resulting in $1.1 billion recovered."

Your $16 billion figure doesn't come from your link, so it's unclear where you got that from. Same for your claim that the IRA was projected to bring in $20 billion a year in revenue.

The IRA provided for $80 billion in additional funding to the IRS, however, that is the total amount of funding and not the amount of funding that was directed to enforcement.

“Harris was the tie-breaking vote for the Inflation Reduction Act in the Senate, which not only further spiked inflation, but led to a massive expansion of the IRS with an additional $80 billion to hire 87,000 new agents,” Trump campaign senior adviser Brian Hughes said on a call with reporters Thursday.
That number of agents is a misleading figure, often repeated by Republicans, based on a report about how many total employees could be hired with the money rather than actual auditors focused on enforcement.

The money has been used to improve the IRS in a variety of ways, most of which are unrelated to enforcement:

The IRS has also used the Inflation Reduction Act funding to improve the IRS’ phone service, digitize paper files and create a free, direct tax fil

Also, the Democrats subsequently agreed to rescind $20 billion of the funding, so the funding to the IRS is in actuality $60 billion, not $80 billion.

Since the Inflation Reduction Act passed, Republican lawmakers have made several attempts to claw back the $80 billion that the legislation provided for the IRS.
In a deal to address the debt ceiling and avoid a US default last year, Democrats agreed to allow for $20 billion to be rescinded

Link:www.cnn.com/2024/09/06/politics/irs-in...

Yessiree Bob wrote:

Q&A with Donny Demento at the Economic Club of NYC.

“If you win in November, can you commit to prioritizing legislation to make childcare affordable — and if so, what specific piece of legislation will you advance?”

Donny Demento said:

Well, I would do that, and we’re sitting down, you know, and I was, somebody, we had uh Senator Marco Rubio, and my daughter Ivanka was so, uh, impactful on that issue. it’s a very important issue. but I think when you talk about the kind of numbers that I’m talking about, that, because, look, child care is child care, it’s couldn’t, you know, there’s something, you have to have it — in this country you have to have it. but when you talk about those numbers compared to the kind of numbers that I’m talking about by taxing foreign nations at levels that they’re not used to — but they’ll get used to it very quickly — and it’s not gonna stop them from doing business with us, but they'll have a very substantial tax when they send product into our country. uh, those numbers are so much bigger than any numbers that we’re talking about, including child care, that it’s going to take care. we’re gonna have — I, I look forward to having no deficits within a fairly short period of time, coupled with, uh, the reductions that I told you about on waste and fraud and all of the other things that are going on in our country, because I have to stay with child care. I want to stay with child care, but those numbers are small relative to the kind of economic numbers that I’m talking about, including growth, but growth also headed up by what the plan is that I just, uh, that I just told you about. we’re gonna be taking in trillions of dollars, and as much as child care, uh, is talked about as being expensive, it’s, relatively speaking, not very expensive compared to the kind of numbers we’ll be taking in. we’re going to make this into an incredible country that can afford to take care of its people, and then we'll worry about the rest of the world. let’s help other people, but we’re going to take care of our country first. this is about America first. it’s about make America great again, we have to do it because right now we’re a failing nation, so we’ll take care of it. Thank you. Very good question. Thank you.

W-T-Christ-Loving-F was THAT???

Voting matters wrote:

WORLDS APART wrote:

This post is misleading at best, and dishonest at worst.

The IRA has led to the recovery of $1.3 billion in taxes that were owed, all from high earners:

"As part of its enforcement campaign, the IRS has identified 125,000 people who earn at least $400,000 a year but have not filed federal income taxes since 2017. Over the past six months, the IRS has reached out to those taxpayers and recouped $172 million from them.
The IRS is also targeting about 1,600 millionaires with more than $250,000 in tax debt that they have not paid. Nearly 80% of those taxpayers have now made a payment, resulting in $1.1 billion recovered."

Your $16 billion figure doesn't come from your link, so it's unclear where you got that from. Same for your claim that the IRA was projected to bring in $20 billion a year in revenue.

The IRA provided for $80 billion in additional funding to the IRS, however, that is the total amount of funding and not the amount of funding that was directed to enforcement.

“Harris was the tie-breaking vote for the Inflation Reduction Act in the Senate, which not only further spiked inflation, but led to a massive expansion of the IRS with an additional $80 billion to hire 87,000 new agents,” Trump campaign senior adviser Brian Hughes said on a call with reporters Thursday.
That number of agents is a misleading figure, often repeated by Republicans, based on a report about how many total employees could be hired with the money rather than actual auditors focused on enforcement.

The money has been used to improve the IRS in a variety of ways, most of which are unrelated to enforcement:

The IRS has also used the Inflation Reduction Act funding to improve the IRS’ phone service, digitize paper files and create a free, direct tax fil

Also, the Democrats subsequently agreed to rescind $20 billion of the funding, so the funding to the IRS is in actuality $60 billion, not $80 billion.

Since the Inflation Reduction Act passed, Republican lawmakers have made several attempts to claw back the $80 billion that the legislation provided for the IRS.
In a deal to address the debt ceiling and avoid a US default last year, Democrats agreed to allow for $20 billion to be rescinded

Link:www.cnn.com/2024/09/06/politics/irs-in...

I’ll help you out. The $80 billion is to be spent over ten years. 2 years @ $8 billion per year = $16 billion. The cbo projected increased revenue of $200 billion from that expense ($20 billion per year) as their justification. The bulk of that $200 billion was supposed to come at the front end of the program.

Link:www.crfb.org/blogs/cbo-estimates-120-b...

Voting matters wrote:

WORLDS APART wrote:

This post is misleading at best, and dishonest at worst.

The IRA has led to the recovery of $1.3 billion in taxes that were owed, all from high earners:

"As part of its enforcement campaign, the IRS has identified 125,000 people who earn at least $400,000 a year but have not filed federal income taxes since 2017. Over the past six months, the IRS has reached out to those taxpayers and recouped $172 million from them.
The IRS is also targeting about 1,600 millionaires with more than $250,000 in tax debt that they have not paid. Nearly 80% of those taxpayers have now made a payment, resulting in $1.1 billion recovered."

Your $16 billion figure doesn't come from your link, so it's unclear where you got that from. Same for your claim that the IRA was projected to bring in $20 billion a year in revenue.

The IRA provided for $80 billion in additional funding to the IRS, however, that is the total amount of funding and not the amount of funding that was directed to enforcement.

“Harris was the tie-breaking vote for the Inflation Reduction Act in the Senate, which not only further spiked inflation, but led to a massive expansion of the IRS with an additional $80 billion to hire 87,000 new agents,” Trump campaign senior adviser Brian Hughes said on a call with reporters Thursday.
That number of agents is a misleading figure, often repeated by Republicans, based on a report about how many total employees could be hired with the money rather than actual auditors focused on enforcement.

The money has been used to improve the IRS in a variety of ways, most of which are unrelated to enforcement:

The IRS has also used the Inflation Reduction Act funding to improve the IRS’ phone service, digitize paper files and create a free, direct tax fil

Also, the Democrats subsequently agreed to rescind $20 billion of the funding, so the funding to the IRS is in actuality $60 billion, not $80 billion.

Since the Inflation Reduction Act passed, Republican lawmakers have made several attempts to claw back the $80 billion that the legislation provided for the IRS.
In a deal to address the debt ceiling and avoid a US default last year, Democrats agreed to allow for $20 billion to be rescinded

Link:www.cnn.com/2024/09/06/politics/irs-in...

I’ll help you out. The $80 billion is to be spent over ten years. 2 years @ $8 billion per year = $16 billion. The cbo projected increased revenue of $200 billion from that expense ($20 billion per year) as their justification. The bulk of that $200 billion was supposed to come at the front end of the program.

Link:www.crfb.org/blogs/cbo-estimates-120-b...