Contact us
CALL US NOW 1-888-GOLD-160
(1-888-465-3160)

The Tax Man Cometh! And Not Just for Billionaires

  by    0   0

The tax man cometh!

And thanks to the Democrats in Congress, there will be more tax enforcers shining their lights into the nooks and crannies of Americans’ finances.

The recently passed and euphemistically named “Inflation Reduction Act” included nearly $80 billion for the IRS over the next 10 years. That could fund the addition of 87,000 employees, making it one of the biggest agencies in the federal government.

This photo puts that into perspective.

The Democrats would like you to believe this funding will be used to go after billionaires who are bilking the system. But there are less than 750 billionaires in the US. That can only mean one thing — the tax collector is coming for you.

Historically, the audit burden has fallen on low-income tax filers. Digest this tidbit from CNBC.

Overall, IRS audits plunged by 44% between fiscal years 2015 and 2019, according to a 2021 Treasury Inspector General for Tax Administration report. While audits dropped by 75% for Americans making $1 million or more, the percentage fell by 33% for low-to-moderate income filers claiming the earned income tax credit, known as EITC, the report found.”

Looking at data from 2016 tax returns, the audit rate for people reporting an adjusted gross income of $1-$25,000 was nearly double every other income bracket.

As with most things government, the burden falls disproportionately on the poor and middle class.

IRS apologists tell us that if we’re not “cheating” on our taxes, we have nothing to worry about. But that isn’t true. With the complexity of tax law, it’s nearly impossible not to run afoul of the IRS if you have an even remotely complex return. There was once an experiment where the researcher took a complex scenario and gave it to 50 tax preparers and an IRS auditor. They got 50 different returns and none of them matched the auditors.

And if you forget to include that $601 in Venmo transfers, well, watch out!

Tax Free Gold and Silver Buying Free Report

Get Peter Schiff’s key gold headlines in your inbox every week – click here – for a free subscription to his exclusive weekly email updates.
Interested in learning how to buy gold and buy silver?
Call 1-888-GOLD-160 and speak with a Precious Metals Specialist today!

Related Posts

Central Bank Gold Reserves Chart Second-Highest Increase Since 1950 in 2022

Central banks closed out 2022 with reported net purchases of 28 tons of gold in December. Including large unreported purchases, this brought total central bank gold buying in 2022 to 1,136 tons. It was the second-highest level of net purchases on record dating back to 1950, and the 13th straight year of net central bank […]

READ MORE →

Gold Mine Production Up Modestly in 2022 But Remains Below Pre-Pandemic Peak

Gold mine production was up modestly in 2022 as mining operations normalized post-pandemic. But mine output still hasn’t returned to the peak we saw in 2018, boosting speculation that we have possibly reached “peak gold.”

READ MORE →

Why Have So Many People Dropped Out of the Labor Market?

Why is there a labor shortage in the US? In a nutshell, a lot of people have simply dropped out of the labor market. They’re not working. But why?

READ MORE →

Gold Demand Hit 11-Year High in 2022

Gold demand grew by 18% to 4,741 tons in 2022, the highest demand in 11 years, according to data compiled by the World Gold Council. Massive central bank purchases coupled with strong retail investor buying and slowing outflows from ETFs drove overall demand higher.

READ MORE →

Petrodollar on Shaky Ground; Saudi Arabia Willing to Discuss Selling Oil in Other Currencies

In a recent interview, Saudi Arabia Finance Minister Mohammed Al-Jadaan said the country is open to discussing trade in currencies other than the US dollar. This could mark the beginning of the end of petrodollar exclusivity. That would be a huge blow to dollar dominance.

READ MORE →

About The Author

Michael Maharrey is the managing editor of the SchiffGold blog, and the host of the Friday Gold Wrap Podcast and It's Your Dime interview series.
View all posts by

Comments are closed.

Call Now