IRS Set to Use AI to Target Tax Cheats, Say They Will Limit to ‘High Income Earners’ and ‘Large Corporations’

The Internal Revenue Service (IRS) announced new enforcement initiatives Friday to crack down on 1,600 millionaires and 75 large companies it said owe hundreds of millions in unpaid taxes.  

IRS Commissioner Daniel Werfel said the agency will use Inflation Reduction Act funding to focus on high-income earners, partnerships, large corporations and promoters. He said the IRS won’t increase audit rates for those earning less than $400,000 a year.

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Number of U.S. Millionaires Increased by 41 Percent in 2022

New figures from the Internal Revenue Service (IRS) show that the number of American citizens who report more than $1 million in income have jumped by a staggering 41 percent this year alone.

As reported by Politico, the IRS claims to have processed up to 387,840 returns reporting seven-figure incomes by mid-July; at the same time last year, the agency only found 274,879. The increase has been attributed to a strong performance on Wall Street last year, before the inflation crisis hit; in 2022 thus far, millionaires reported a collective total of $252.5 billion in capital gains, 80 percent higher compared to the previous year. In addition, millionaires’ salaries and wages rose by 45 percent.

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Bernie Sanders Admits He’s a Millionaire

by Peter Hasson   Vermont Sen. Bernie Sanders, a Democratic presidential candidate, admitted Tuesday that he is a part of the millionaire class. Sanders often rails against millionaires on the campaign stump and opened his 2016 presidential campaign by bragging that he didn’t “have millionaire or billionaire friends.” But Sanders himself is now a millionaire, he acknowledged to The New York Times. “I wrote a best-selling book,” he told the paper. “If you write a best-selling book, you can be a millionaire, too.” Sanders also pledged to release 10 years of his tax returns within the coming week. “April 15 is coming,” Sanders told the Times. “We wanted to release 10 years of tax returns. April 15, 2019, will be the 10th year, so I think you will see them.” Sanders, who owns three houses, has often cited the “proliferation of millionaires and billionaires” in America as evidence that the economy is rigged against working people. “Are we comfortable to see a huge increase in millionaires and billionaires but have more people living in poverty than ever? I know I’m not,” he wrote in a December 2016 tweet. A great nation is judged not by how many millionaires and billionaires…

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