IRS Commissioner Daniel Werfel said that with a boost in federal funding and the help of artificial intelligence tools, the agency has new means of targeting wealthy people who have “cut corners” on their taxes.
“If you pay your taxes on time it should be particularly frustrating when you see that wealthy filers are not,” Werfel told reporters in a call previewing the announcement. He said 1,600 millionaires who owe at least $250,000 each in back taxes and 75 large business partnerships that have assets of roughly $10 billion on average are targeted for the new “compliance efforts.”
If you have a million, you can spend $1.9 every minute to spend it all in a year. If you have a billion, it’s $1900 every minute. A millionaire is just a rounding error for a billionaire.
I get that.
But I think it missed the point of what I was saying.
Millionaire includes Billionaires. If you have 999 million, you don’t stop having millions of dollars because you rob people of one more million.
It’s an inclusive term of billionaires, and was probably chosen as the title of the article to save on space rather than to imply billionaires are somehow excluded from these new procedures.