IRS Commissioner Danny Werfel Testifies In Front Of The House Ways & Means Committee
Вставка
- Опубліковано 26 кві 2023
- IRS Commissioner Danny Werfel testified in front of the House Ways & Means Committee on Thursday.
Fuel your success with Forbes. Gain unlimited access to premium journalism, including breaking news, groundbreaking in-depth reported stories, daily digests and more. Plus, members get a front-row seat at members-only events with leading thinkers and doers, access to premium video that can help you get ahead, an ad-light experience, early access to select products including NFT drops and more:
account.forbes.com/membership...
Stay Connected
Forbes on Facebook: forbes
Forbes Video on Twitter: / forbes
Forbes Video on Instagram: / forbes
More From Forbes: forbes.com
Abolish the IRS and use a flat tax. No more governmental intrusion from government.
Then how will they confuse the American working class to pay more than they should?
Just think how much money the government would save!
@@corinnaschultz7000 None really. Flat tax remains a losing proposition for middle and low income taxpayers. That is exactly why McCarthy killed it. And didn’t get a big backlash from MAGA. Remember, he only has to piss them off once to face possible removal from his speakership. Dems were making a lot of true statements about the impacts on the lower and middle class as opposed to the wealthy. Think about it for a minute. If you are wealthy you can buy your yacht, your jet, your Rolls Royce, Lamborghini, etc..,from the source country and pay no 30% tax on it. You, on the other hand, buying a new car from a dealer for 40k will get to pay 52k. Finance it and what is the total cost? 65k? Maybe 70k? Or buy a used car for 20k and pay 26k. Go to the grocery and buy lunch meat which isn’t taxed by the state or fed, for $5. Now it becomes $6.50. And it even applies to your car insurance. If it costs you $2k now it’s $2600. Your haircut? What about a tank of gas! I could go on, but I think you get the picture. It was proposed to apply to ALL goods and SERVICES. One last thing….it did not reduce your state or county taxes in any way. For me that would mean 37.5% and likely would for you too depending on your state and county tax rates. We have a 7.5% sales tax rate where I live..
Flat tax remains a losing proposition for middle and low income taxpayers. That is exactly why McCarthy killed it. And didn’t get a big backlash from MAGA. Remember, he only has to piss them off once to face possible removal from his speakership. Dems were making a lot of true statements about the impacts on the lower and middle class as opposed to the wealthy. Think about it for a minute. If you are wealthy you can buy your yacht, your jet, your Rolls Royce, Lamborghini, etc..,from the source country and pay no 30% tax on it. You, on the other hand, buying a new car from a dealer for 40k will get to pay 52k. Finance it and what is the total cost? 65k? Maybe 70k? Or buy a used car for 20k and pay 26k. Go to the grocery and buy lunch meat which isn’t taxed by the state or fed, for $5. Now it becomes $6.50. And it even applies to your car insurance. If it costs you $2k now it’s $2600. Your haircut? What about a tank of gas! I could go on, but I think you get the picture. It was proposed to apply to ALL goods and SERVICES. One last thing….it did not reduce your state or county taxes in any way. For me that would mean 37.5% and likely would for you too depending on your state and county tax rates. We have a 7.5% sales tax rate where I live.
A flat tax would be great for the people, but remember that any of these flat rate taxes that the government wants is not even low enough for the people to accept as they are asking for a 20 to 30 percent consumption tax which will drive up the cost of everything we need or want. I am asking, are you willing to pay 20 to 30 more for the products you need or whatever you want?
Let’s have a forensic audit of everybody in Congress. Let’s see who their allegiance really goes to!
Drug testing, as well
Simply generate an account number with them and send the IRS a w--4? Or or 9 or 2, I can't remember..... I'm sure an audit of one account would trigger an audit of the company😂
Just see how much they came into Congress and how much they make a year maybe 400 thousand 🤷 and just like magic they become millionaires somehow
Instead of beefing up irs audits, decrease government spending, shrink the government
What parts would you shrink?
@@williamclayton7343 slush funded parts
Shrink it all!
Great plan, as the economy expands and financial transactions become more complex, let’s shrink the IRS. WHO BENEFITS FROM THAT? Already under funded they cannot come close to auditing a sufficient number of high income taxpayers. The percentage of audits are mostly low income and middle income taxpayers. The less money they get the farther out of balance that becomes. No one has ever shrunk the size of government. Not Reagan, not Trump, no one period. Look it up. Trump lied about his tax returns being audited and he fought to the Supreme Court to prevent them from being audited. He paid more income tax to China while he was President than he did to the USA. He made zero charitable contributions in 2020 even though he promised to donate his salary to charity. His own Charity was shutdown by the State of New York and he had to repay some large donors, agree to terms and conditions if he, or his family members, wanted to ever start another charity in NY. Paid a 1.6 million dollar fine. He was using the charity FOR KIDS WITH CANCER to pay his business expenses and for personal items, one of which was a 20,000 portrait of himself. And you don’t care, you think he would be a great President. He is a traitor and a thief. Use your vote wisely. Do not vote for Trump.
Getting rid of the IRS cuts the money tree paid for by taxpayers out and makes those employees seek employment with companies that actually make money rather than confiscate and redistribute. This guy of full of $h1t
They need a surprise internal audit
We are taxed for working, taxed for buying, spending and earning. It is theft
taxed for life and death as well
I say we rethink before we start casting people out I've messed up an I come to y'all for forgiveness in the right time
Omg that guy is lying out his a$$. It takes forever to get help with the IRS. They are as slow as heck. Hours of waiting on the phone. And then u get hung up on. So many other problems also. And they are trying to impose on our privacy
Wait for an hour, then an idiot answers the phone.
That is the exact problem they are trying to address. He has not told a single lie. I challenge you to name one. He talked about average wait times, not your experience. Why did you get hung up on? Were you cursing at the person who answered the phone? You seem to have a temper. If that is not the case, you can ask for a supervisor to call you. Then you can get your issue resolved without the wait time. They are trying to administer a complex tax code, and your privacy is not the issue. Information is required to administer the law.
@@williamclayton7343 You are pretty good at defending the IRS. What say you about Lois Lerner and what she got away with?
@@thomaswhiddon7638 Louis Lerner is more than a decade ago. Further, the Inspector General determined well after the fact, that the backlog in processing non profit applications was NOT limited to application from conservative groups. That was the uproar. She retired as a result of the scandal, and the Commissioner of the IRS was replaced. So the public should continue to suffer poor levels of service over that? What actual good does that do? As the man said, for every dollar spent you get 6 in return. I would invest my life savings if I could get a guaranteed return like that, wouldn’t you?
@@williamclayton7343 Ten years ago was not so long ago for me. Their failure to know and respect their history is possibly the most dangerous problem with "Americans" I can think of at the moment. I know most of the Americans I know fear and loathe the IRS more than any of the other incompetent government agencies. I think the IRS earned that fair and square. Looking at the current debacle gives me ZERO confidence in "Inspectors General" I do wish you and your sort all the luck in the world. You will need it. We can only hope they can manage firearms better than the ATF. This will give them the opportunity to REALLY mess up. Again, Godspeed to you!
Every time someone says, “fair share”, drink
I wonder how many people in our government are paying their taxes on their insider trading accounts and their income that we pay them to serve us?
Isn't it about time we revisit abolishing the IRS?
No...the I.R.S. tax is only on corporations exercising a federal perogative and showing a profit. Read: "Cracking the Code"!
Someone please ask why the irs needs armed employees.
Because there are dangerous people in the world. Not really complicated. Only Special Agents also known as Criminal Investigators carry guns. Approximately 3000 out of 85000 employees which was on the video if you watched it. Every one of those employees who carry guns have required training and required practice time every month. Nothing sinister about it. I worked there for 30 years. Four IRS Special agents have been killed in the line of duty during my time there even though they were armed. I retired 10 years ago.
That’s exactly what I was going to ask!
@@williamclayton7343 They are incompetent government hacks.
@@LynnMarie-qb8tj I hope you read my answer as to why IRS agents need to be armed.
Fascists need soldiers to back up oppression
What have they been doing for this whole time? Like since their existence? Clearly they’ve not been paying attention. I find that hard to believe. So corrupt and inefficient
Right now their going to slowly go after the little income. Wait 1 or 2 years then slam us all.
Why do these creeps keep blaming Trump for using tax loop holes that they themselves are using? I will say this; atleast Trump is honest about using the loopholes.
Tell the state of NY that.
The real question is.... what is the difference between "using a loophole" and "following the law"?
Tax avoidance is 100% legal and encouraged by the code, I often wonder if the IRS agents assume americans love paying their taxes because so few take advantage of the code.
Is it just me or can you also get what is going on here---everyone who represents you and I are treating this irs guy with kids glove 🧤. WHERE ARE THE PIT BULL QUESTIONS
Like what pit bull question? Why don’t you give us one?
We would not need anywhere near a 30% consumption tax to replace the Income Tax. That is just Democrat scare rhetoric. 10% would be more than ample.
I call BS. That is the exact rate proposed by the MAGA Congress. You are uninformed.
Nobody expects to work their WHOLE lives & still end up like a lot of us out here. My husband’s dad died when he was 1 yr old. His Mom raised 9 kids 17 yrs to 1 yr old by herself. My hubby went to work age 16 while still going to school & being a HS basketball star. He has worked his whole life, average 10 hour days, up until 5 yrs ago, 7 days a week. We got married at 18 & 19, we both worked long hours and rented an acreage. Wages were $4.35 to $4.50 an hour. We never bought anything fancy. When we had kids, we decided to go without my income, because we didn’t want someone else raising our kids. We had 2 kids and I stayed home with them 17 - 18 yrs, working little jobs at times to pay car licenses, or insurance payments. We even managed to buy an acreage (10 acres with house, barn, corn crib and hothouse for $27,500.00 in 1990!) We were scared to death! The kids were 4 & 2 at the time. When the kids graduated & left home, I started back full time 10 to 12 hour days, 5 to 6 days a week. WE FIGURED maybe now we could but a little newer car, maybe 4 yrs old, instead of clunkers & put much needed siding on our house etc. All the things people want to do to make their house warm & cozy. We have NEVER lived large. Yet we have barely anything to show for all our years work. I was forced to retire at 62 because of Covid, I didn’t want to quit work, I also didn’t want to get another job in the only places in our town were forcing jabs, so I was forced to go on SS. Luckily my husband’s job didn’t force the jab, so he kept working. Now, he will be retiring in July and all we have been able to save is barely a past year’s salary. We paid off our farm, we own everything we have, but now We will be living on roughly $3500.00 a month, that is before we pay for Medicare and Medicare supplemental insurance, we have been told they are around $160.00 a month per person. With the prices of groceries, and still licenses, insurances, & taxes, We are scared. Our bodies won’t let us keep working. YET we STILL have to pay taxes on our SS, How many times does government tax the same money?? DO YOU even care about us out here? Several people we know are one major illness away from losing their acreage or EVERYTHING you have worked with our whole lives due to hospital bills. Is this fair? We pray daily about staying healthy. I HOPE young people REALLY get a money manager or something. We think back and don’t see anything we could change, besides the job I had for 36 yrs had ZERO benefits and I should’ve have not worked there. But I was dumb & loved my job😢 Big mistake.
I'm certain you speak for thousands, if not millions of Americans. I'm also living on SS, check to check, after being laid off and having to use my 401K in 2008 thanks to Obama. I hope something better is coming but I always tell people, "Trust in God, but tie up your donkey." Do the best you can to prepare for what is possibly coming. 💞
Your story is sad. One mistake, lasted 36 years and it has actually led to your lifetime of struggles. Or at least a big factor. I know of other people who have made similar mistakes because they like their jobs. Money makes us do things we don’t want to do. The root of all evil as they say. Then as you near the end of the road, you don’t have anything to show for it. I am sorry for you and your husband. Hopefully there are some government programs that can help you along,
Your story sounds much like my husband and mine. All we’ve ever done, except for a few family vacations (and I mean few) through the years, was work. We celebrated our 55th wedding anniversary in April. We joke that we would have divorced several times but couldn’t afford it! I am 71 and retired in June of last year and my husband is 74, retired from civil service, but still works a full time IT job. He has always had at least two jobs and some times three. We have a decent retirement but watch every dollar. Our only luxury is gifting a little money to our children all along. Their little families struggle because the government has destroyed opportunity in our country. Son and daughter in law are teachers in a private school because they didn’t want our grandchildren in the ghettos that are public schools. Our daughter works in marketing at our local hospital and while she can pay her bills, there would be no extras except for the money we give her. Our country has gone off the rails and it’s only because of those in Washington who enrich themselves by stealing from the taxpayers and selling our country out to foreign powers. Now with the democrat power grab, it is only getting worse. Morals are in the toilet and I don’t see this country lasting much longer. Our crook to decent person ratio is at an all time high.
Exactly
@@rabbitears8665 Laying blame on the government is ridiculous. This country remains the land of opportunity. There is more wealth in this country than any other country on the planet. I was in civil service for 30 years as was my wife. We have a very comfortable retirement life. I retired at 57 and my wife at 60 just 3 weeks ago. It’s is about the choices you make. As is everything else in life. We we able to gift our 3 adult children $9,000 each this year. We scrimped and saved during our working years to be able to retire young and have a nice retirement. If you didn’t that’s on you. Further, you want to lay blame on the Democrats. Republicans want to eliminate your main source of income by getting rid of Social Security and Medicare which helps you with medical bills now. It was in the Republican Party plan as revealed, Rick Scott proposed it and it was adopted by the Republican Party, Their only other means is to starve it to death which is what they are trying to do now. When the Biden budget passed on a bi-partisan basis, what did the Republicans do? Used the debt ceiling to create a budget crisis. Biden had a tax increase on Capitol gains to be treated as ordinary income if your income was over 1 million dollars. That would have made a huge difference. Capitol gains are taxed at 15% where ordinary income is taxed at 37%. That was killed in the budget negotiations. Do you have any Capitol gains? I don’t. Most people don’t. Bill Gates does., Warren Buffet does. People like you have no clue what is going on in the government, just looking for someone to blame.
show me the tax law that states labor is taxable.
16th amendment.
@@williamclayton7343 the 16th amendment specifically mentions income. Not labor. Those are two different things.
@@whistleblowerwednesday6672 it more specifically defines income from ANY source. Does labor produce income? You can read, but can you comprehend?
@@williamclayton7343 well I’m fortunate that I’m living in state that didn’t ratify the 16th amendment. But, if you’re happy with giving your money to a foreign government. More power to ya.
@@whistleblowerwednesday6672 I am not sure what you are talking about? What foreign government? Congress votes on Constitutional Amendments. Doesn’t matter how the representative of a particular state vote. If there are sufficient votes it becomes the law for all states, yours included. Example: First amendment. Free speech. Do you have free speech in your state? Example 2 amendment the right to keep and bare arms. Can you have guns in your state? 16th amendment is the authority to tax income for use by the federal government. Do you pay federal income tax?
Simplify taxes instead of enlarging irs
Is IRS working on the process to collect tax on illegal immigrants income?
They have had such a program for at least 20 years. Illegal immigrants actually use it in many cases. They apply for an ITIN instead of a Social Security number. It is used to file and pay taxes. And they pay into Social Security without being eligible for benefits. But, of course there are some who do not. The employer is required to obtain either a Social Security number or an ITIN for every employee. Failure to do so subjects them to heavy penalties so there is more compliance than you would expect.
The answer is NO!
@@williamclayton7343 we don't know exactly how many lawless illegal insurgents are inside our borders. We don't know where 85,000 lost children are. We know that were told millions are called getaways. We know that millions are military aged people. We know that if they are here and jobless, homeless, and penniless, with no drivers licenses no vehicles, no money. We know what to expect the Democrats will do to use these people as the catalyst to create chaos and mayhem, when these invaders demand more from we taxpayers. .our destruction is all planned out by the Democrats. Mayorkas said the reason he won't quit or resign ,is because it would send a message that he was backing away from the plan.
@@rabbitears8665 Wrong. Read reply above yours.
How much compliance? If i except zero telling me it's more than i expect doesn't mean much. How many file? What percent? Can we even answer a question like that if we don't know how many there are?
It's amazing how happy it seems everyone in this community wants to help the IRS/IRA collect taxes. WTF!?!?!?
What is outrageous about trying to collect what is owed? Would you prefer higher deficits?
@@williamclayton7343owed to a bunch of people who don't work and getting paid for doing nothing.
Yeah they all must have some stockin this app they well to happy!!!!
They all so rich in this meeting.
He been in six month and he know all the problems in The IRS
@@roxannedbarrett2314 he was actually confirmed less than 3 months ago. What problems do you know of that he doesn’t?
Y'all do realize that there's no actual money in circulation, right? The IRS just needs to do the accounting..... No one need actually to PAY any tax liability they calculate. Right?
I suppose all those Portland protests were just peacefull in her eyes.
It should not cost billions of dollars to enhance customer service. Inefficient!!!!
So question does the top 10%'s foreign banks have to report on deposits more than $600 or the only banks that have to violate their customers privacy only domestic banks that average Joe uses?
That is a lie. The new provision for reporting transaction over $600 does not apply to ANY bank. It applies to pay agents like Venmo or PayPal, etc. That lie was propagated by the dishonorable Senator from Louisiana, John Kennedy.
Just a simple audit of the IRS along with the Federal Reserve, DOJ, DOD, The current Pres and his family should reassure American citizens that everybody is playing by the same rules and that anyone receiving disbursements is accountable just like the average person.
That way we can all rest assured that these agencies aren’t just being weaponized to take out political opposition and strong arm compliance of any kind.
If the IRS cannot audit the pentagon, then they shouldn't be allowed to audit citizens.
IRS like FBI has employees that have too much authority and power which can and has been abused along many lines including political lines. What we need is transparency and accountability without our rights, not "taxpayer rights", but "citizen rights". If we don't have a direct line from citizen to representation, then we have taxation without adequate representation. That does not mean more IRS agents, but that they are wholly directed by the representation we have elected.
Auditing anyone who has income under 1M per year is a waste of IRS time.
They should be an IRS that can do math and return results, something a computer can do. NO reason to empower the IRS to do more.
More, more, more, how do you like it, how do you like it? Government needs to tighten up it's belt, and steal less.
What does Mr. Werfel mean when he says discretionary expenses? To me that sounds like...YES, money is going to get "lost."
So exactly how many independent, private business owners - CPAs - will lose their job to the IRS assuming their role?
The market is still strong for CPA’s as far as I know. The IRS is a place many CPAs start their careers, then move to private industry because the pay is better. I don’t know why that would change.
@@williamclayton7343 it sounded like they are advocating for a system that is direct file to them - that they process returns
@@Ameydusa1 I am not clear what you mean exactly. It could be true, but I didn’t catch it. Not sure why it would be a problem for simple returns to be e-filed for free. Private industry does it free for simple returns so it’s not taking business away from anyone.
@@williamclayton7343mmmmmmkay???? IRS WILL BE ABOLISHED
Unbelievable! They want more money.
The most important aspect to be aware about the current situation is how much money the government spends
Respectfully interviewed and testified. Knowledgeable without ever saying he didn’t know. Good job gentleman
Our whole money system is fraudulent. You can’t just create digits on a computer and then charge interest. 😂😂😂😂
Okay how many acres we talking about mowing here?! You mentioned a neighbors kid is getting 600$ to mow a lawn?!
The IRS is out of control, good for thousands of CPA's , It needs to be fixed.
Here comes the irs branch of the military watch out!
And may the odds be ever in your favor citizens!
Mr Higgins ...thank u!!! 👏corp TAXES!! 👍✔👍
I care about as much for the safety of a Fed agent as Fed agents care about my safety !!
Inflation up 15+%, 2022 Taxes up 4%, what is the REDUCTION in this Inflation Reduction Act?
Flat 30 reduce the size of government we dont need more wasteful spending in government
Fire everyone and adopt the
Fair Tax" plan.
Truth, Justice and the American Way ❤
Hell, im still waiting to get my 2021 federal tax refund. Filed the paperwork in 2022 and it was never deposited into my account in 2022. Never showed up in 2023 and looky here, we're heading into 2024 and i still haven't gotten it. Yesh, you're doing a great job. Abolish the IRS and abolish all illegal taxes. We fought a war against all that or did everyone forget that part of our history?
The first guy saying the IRS improved its phone system was a lie. My daughter called every day, different times of day for three weeks and got the same message that the system was full and then got hung up on or cut off. so however he calculated his bullshit 85% when that was the treatment received by my kid it's a garbage number. How the hell can you even calculate that?
I'm from the government and I am here to help... Scary Word's ( President Ronald Reagan ).. quote on quote
Yet he grew the size of government. Ironic don’t you think?
Audit the FED and congress.
IRS needs to go!!!
I like the idea to get rid of the I R S and have a use tax on every product purchased. That way even anyone not paying taxes and work under the table. Everyone will pay taxes and look at the billions we can save for all those salaries
Hard No. They'll be able to get their hands on our info. No
I will Obey Jason Smith and the IRS Commissioner Danny Werfel!
Does the IRS target SCH C and SCH E? the trade off between privacy and tax compliance?
Break out the Vaseline everybody here comes the IRS
Oh my God always about Trump .
They need to be removed from office.
Mr. Werfel may sincerly believe that the historical pattern of the vast majority of audits being directed at low-income taxpayers will not continue, but human nature tells me that he is sadly mistaken.
I don’t think he said they wouldn’t continue with low income audits. He said new funding for tax auditors and revenue agents would not be directed at people making less than 400,000. That does not mean they won’t replace retiring auditors,etc. Most low income audits involved 2 issues that are done by mail. Those are earned income tax credits which is complex and mistakes are often made. The other is child tax credits which are not as complicated, but abused by those that don’t qualify.
@williamclayton7343 $600 reporting requirement they sought seems like their sights may be lower than $400k
@@criticality2056 The $600 reporting requirement applies only to payment processors like PayPal. It is intended to determine filing and paying compliance by major sellers on eBay, Shopify, Pinterest, etc. Uf you watched the video production from Senator Kennedy, you were being misled. The IRS is not going after your bank records. They are requiring a 1099-K to be issued by payment processors to anyone who receives more than $600 from this type of payment processor. I watched that video and researched the issue. Just Google IRS $600/reporting requirement.
He lives in a mystical world
Its time to change to a flat 30 tax code
IRS is behind schedule because they used the workforce to issue stimulus checks
Another democratic socialist joke.
Squish the taxpayers. Pay more more more. The government needs to Spend more more more.
No more IRS sounds like a A+
Any IT guy that doesn't know DOS is not an IT guy.
DON’t give it to them. 😡
You go first. Jail isn’t very pleasant at anytime of the year.
Leadership definitely I agree with. Misinformation to the public needs to be address and equal treatment under the Law.
I would be dead if I drank every time I heard a threat to our democracy ?🤔. 😆😆😆😆
Interesting definition of "fair."
All these senators are mad nervous
We should take what they are asking for and use it to audit them
Never had a problem with the irs until this year. Me and my wife both got married this year and we both got audited this year and now the IRS is saying we owe back taxes.
So prove that you don’t owe any additional taxes. Just because they say it doesn’t make it right. You get several opportunities to respond to their proposed increase in your taxes. If you didn’t respond, that’s on you. If you did, call the Local Taxpayer Advocate and explain why you don’t owe and what you did to advise the IRS you don’t owe any money.
If income tax was such a wonderful thing, would it be necessary to steal it from your pay without your consent. Wouldn't people happily pay their taxes voluntarily? Go out on the street and ask random people if they would pay their taxes if there was no threat of being locked in a cage. I doubt you'd find many willing and cheerful volunteers. What's that say? These jerks don't offer service, unless it's in the form of locking you up. Taxation is theft...bottom line. It is administered through the threat of violence. It's a joke just like the US is a joke.
The Commissioner of Internal Revenue is the head of the Internal Revenue Service (IRS), an agency within the United States Department of the Treasury.
The office of Commissioner was created by Congress as part of the Revenue Act of 1862.
Section 7803 of the Internal Revenue Code provides for the appointment of a Commissioner of Internal Revenue to administer and supervise the execution and application of the internal revenue laws.
The Commissioner is appointed by the President of the United States, with the consent of the U.S. Senate, for a five-year term.
Daniel Werfel is the current Commissioner of Internal Revenue, having been sworn in on March 13, 2023.
Werfel is the 50th Commissioner to serve in the position since it was created.
Exactly, he is diverting to avoid transparency.
I vote "NO"!
Who pays the tax individual or corporation and high net worth individuals; It is boiling down to consumption vs production. A teacher paying 23% and a corporation paying next to nothing the tax code allows for generating income due to what is used to produce income in the future. There may be categorization issues and mistakes made willfully or otherwise. There is also Capital Gains that are not paid until property is sold.
Why should you pay taxes on money you’ve not received yet? That’s asinine. The thing that pisses me off is when they start going after hard working wait staff ‘s tips. Are we really so hard up or do we have a country run by thieves? I submit its the latter.
@@rabbitears8665 I won’t necessarily disagree, but on the other hand many of the richest people in the US have unrealized Capitol gains from stock in certain Companies they have help for decades. Like Bill Gates and Microsoft. Like Jeff Bezos and Amazon, etc. But as for Capitol gains tax rates, that is a different story. I have never had Capitol gains on stock to report and most people don’t. Capitol gains tax rate for stocks held more than 1 year is 15%. Ordinary income is taxed at top rate of 37%. For the very wealthy that is a huge tax break. Joe Biden proposed closing the rate and taxing Capitol gains for those making over 1 mil a year to pay ordinary income tax rates on the excess (over a million). Didn’t make it in the debt ceiling negotiation. More proof Republicans don’t care about ordinary citizens, only the wealthy have clout with the Republican Party.
PLEASE tell American People will see Corruption RESOLVED ie DISSOLVED. Thank you for these TRANSPARENT Hearings.
LIKE A WELL OILED MACHINE 😂😂😂❤❤
Why does the IRS want 87,000 new agents that are armed and trained with weapons.?
Can the IRS tax money laundering flow?
If so maybe they will get around to checking all those red flags of the Biden’s! Anyone who believes anything coming out of the mouth of a politician or a government bureaucrat needs mental help.
I would love to have any one of those chairs.
This agency has to much power
I am remised that the questions that that the question asked by this committee is spot on.
As expected, Mr. Werfel was quite avoidant and would not give straight answers, especially when asked about IRS agents showing up at peoples' homes. He skirted the issue with Mr. Steube who knew right away Mr. Werfel is no one taxpayers can trust and never will.
@@plissnakesken5799 are you referring to Matt Taibi? It is a long standing policy not to disclose anything about an individual taxpayers account. It is found in IRC 6103. If you are talking about something else, let me know what it was.
Why does Mrs. Sanchez have pink highlights??
Earned income tax credit is wrought with mistakes and fraud. It is what it is. The Republicans constantly complain of the cheating in the EITC program and they are right to do so. Repeat cheats can be banned from receiving these credits for up to 10 years. That may reduce the audit rate eventually. More common is a 5 year ban, which also may reduce the audit rate. It is a valid concern.
Do the math…
300,000 super rich people
2400 staff
=125 cases per person. If you can handle that over the course of one year, then you’re not good at your job.
What exactly do they do? Monitor these people 24/7?
This is ridiculous
Staff of GE attorneys was 2600. Do the math. One company. Perhaps you should invest in a calculator.
@@williamclayton7343 a tax return case shouldn’t take an entire year to process or investigate. So over the course of a year one person should be able to work through the cases. And fine triple the work force. I don’t believe that would costs billions of dollars
@@Ameydusa1 In normal times you would be correct. Covid changed everything. There were semi’s full of unprocessed tax returns. Investigating a return is a different subject. Is it a criminal or civil investigation? Criminal cases take well over a year because it continues through the trial. Then, if convicted, there is still the matter if relaying the tax which can take many more years. Civil audits of middle or lower income taxpayers don’t take that long. Complex corporate returns can take years. Same with individuals. You need look no further than Trump who claimed he was audited every year, which was not true, but he also claimed he would release his tax returns “as soon as the audit was complete”. No one on the right had any problem with that. It’s hard to complete a non-existent audit. Supreme Court forced his tax returns into the public. He was never going to show them.
Just because you’re rich, doesn’t mean you are dishonest. It’s because you’re poor, doesn’t mean you’re honest. Stop working from these kinds of assumptions
I don’t think anyone is working from that assumption. People from any income level can be dishonest. The low hanging fruit happens to be low and middle class taxpayers. They would like to balance the scales. What is the problem?
@@williamclayton7343 I am all for balanceZ somehow I don’t think we are talking about, oh I don’t know, ridiculously wealthy celebrities or Hollywood elite… like I don’t think Bill Gates is going to pay more taxes. I also think “fair share” continues to be avoided when it comes to specificity. I’d like Hunter Biden to pay his fair share. Or perhaps big pharma and media conglomerates…. It’s just the way they make their case.
Actually I think none of us should have to pay considering the incompetent snd haphazard way the the government continues to “spend” all of our money
Using the "hold" button is advanced capabilities?.....lol
This $600 “cash limit” Is startling similar to the EU any cash payments above €1000 are classed as ‘Grey Money’ policy
Just wait until they roll out the digital dollar that will be centrally controlled, meaning they will have the keys to access our funds anytime they want. They IRS will make direct withdrawals, freeze assets, or assess fines. PayPal is a digital payment platform that only a short time ago had a policy that said they would fine account holders who posted misinformation on social media $2,500. The last thing we need is a digital dollar controlled by the feds.
The 600 cash limited actually applies only to organizations like pay pal and others who facilitate payments on a large scale to eBay sellers and other similar places.
@@williamclayton7343 Thanks for that William. I was unaware. Best.
@@BRADLEY856 Glad to clarify. Some Senators and others misled people on the issue so I had to research it for myself.
@@williamclayton7343 Thanks again, mate.
As a CPA and veteran, we are not on our way to being a banana republic. We are a banana republic. 😢
Why are they even talking about wait time and service improvement. Get rid of the Income tax and boom you no longer need the IRS!! Problem Solved ba dum tss!
The senator from Massachusetts pay 90% taxes for his wealth correct? Tax the rich? He is the rich!
Who are you talking about?
Bah bah you sheeeep! Bow down to your masters!
Funny how he steered away from what was initially talked about which was : the IRS leaking out peoples tax information online. He wants to talk about customer call center’s. Um sir! There’s a bigger issue at hand!
The answer is not dumping tons more resources in the IRS, the answer is to take a shredder to the tax code to simpify it, make it easier for mere mortals, including IRS agents, to understand and harder to cheat. Do you understand the tax code? If not for all the exceptions, loopholes, provisions, carve outs, dodges, credits, incentives etc, how many agents do they need to figure out whether an entity paid their 27% or not? As it stands now, the most seasoned veteran IRS agents cannot grasp the whole of the tax code. To resolve a complicated corporate account might involve a thousand agents and still miss the slight of hand that allows billionaires to side step huge sums that would equate to the entire earnings of tens of thousands of wage earners. They tangle it up in the courts for decades and it never gets resolved. If every taxpayer had exactly the same obligation, then more people would be completely pissed about how much the government is taking and vote for people to reign it in.
Let's face it, 99% of the tax laws have nothing to do with you and never will. They were snuck in a completely unrelated Department of Agriculture bill to favor cronies and/or encumber would-be competitors.
Years ago Warren Buffet, consistently in the top 10 wealthiest people on the planet for decades commented that his secretary had a higher effective tax rate than he did.
I have a cost effective idea simplified tax system duh. Get rid of the tas exception for companies that totally don’t disclose their earnings. And it should start with congress of the United States.
I WANT A REAL MAN in charge of IRS.
I'M DONE!
As a black american man i do not want to pay more in taxes to support ukraine the moneyci earned should go to me to help me and my family only not Jordan not ukraine
You need to add 1000 agents TODAY!!!
nah
I'm retired, run a small business and my taxes tripled last year.
So much bullshit I need a gas mask?
They are reading a script written by a PR agency.
TAXES ARE VOLUNTARY WAKE UP PEOPLE EDUCATE YOURSELF
That is complete BS.
@@williamclayton7343 Celebrate your Ignorance the system Banks on it
We should all just stop paying taxes 😂
That’s simple dummy simplicity is the answer not more people that don’t know what they are doing.
❤❤❤❤❤
WTF? $80,000,000,000,.,.
Again, math isn’t your strong suit is it? As the man said, taxpayers get 6 dollars for every dollar invested in the IRS. WTF…Sounds like a big windfall coming our way. Unless you prefer bigger deficits.
Why is there always so much activity behind the speakers? Whoever is sitting there gets chatty and wriggles and everyone has to walk behind them. It is distracting and rude.