GET UP TO $100 OF FREE CRYPTO: Trade Bitcoin, Doge, and other crypto with low fees on FTX. Use my referral code GRAHAM: https://ftx.us/partners/graham - Lets discuss the new IRS changes, increased funding, and audit rates - Enjoy! Add me on Instagram: GPStephan
GET YOUR FREE STOCK WORTH UP TO $1000 ON PUBLIC & READ MY THOUGHTS ON THE MARKET - USE CODE GRAHAM: http://www.public.com/graham
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THE NEW PODCAST: https://www.youtube.com/channel/UCMSYZVlQmyG8_2MkIKzg0kw
The YouTube Creator Academy:
Learn EXACTLY how to get your first 1000 subscribers on YouTube, rank videos on the front page of searches, grow your following, and turn that into another income source: https://the-real-estate-agent-academy.teachable.com/p/the-youtube-creator-academy/?product_id=1010756&coupon_code=100OFF - $100 OFF WITH CODE 100OFF
INCREASED AUDIT RATES:
Under the Inflation Reduction Act, $46 billion dollars is going to be spent on hiring more enforcement agents, and keeping track of cryptocurrency taxes, which, as CBS explains - is a relatively new area of the IRS.
Of course, in a recent statement, Janet Yellen says that those earning under $400,000 won’t have anything to worry about, and that “new funding will crack down on tax evaders among the wealthy and large corporations, invest in technology upgrades that help taxpayers, and hire more customer support staff to prevent backlogs."
A further clarification explains that “those 87,000 employees will not all be hired at the same time, will not all be auditors and, in many cases, will be replacing employees who are expected to quit or retire.”
HOWEVER, others disagree, pointing out that - just this year alone - audit rates have more than DOUBLED for those making above $100,000 per year, suggesting that, most likely, those earning under $400,000 will ALSO be scrutinized by the IRS at a higher pace than before.
Some argue that “Americans who earn less than $75,000 per year are slated to receive 60% of the additional tax audits,” while the other side says that “those making under $400,000 aren’t the target”…although, from what I could gather…the truth is PROBABLY somewhere in the middle.
What we DO know is that “the bill states that it is not "intended" to increase rates for taxpayers who aren't in the top 1% of earners,” - even though, they COULD be subject to increased audit rates.
The other thing we know is that IRS funding has declined - SUBSTANTIALLY - since 2010, meaning that - most likely, an increased budget is NOT going to take us above levels that we haven’t ALREADY seen in the recent past.
In fact, The Treasury for Tax Policy went on record to say that: “The proposal would return audit rates to the levels of about 10 years ago; the rate would rise for all taxpayers, but higher-income taxpayers would face the largest increase”
In terms of their hiring, he then explained that “over half of the IRS staff — 50,000 — is eligible for retirement in the next five years, and that much of the funding for new employees will be focused on mitigating that attrition and adding customer service.”
We also know that roughly $200 billion dollars is uncollected due to noncompliance and an inability to audit the complicated returns…so, there needs to be a change, SOMEWHERE, to bring revenue in-line with expectations.
My ENTIRE Camera and Recording Equipment:
https://www.amazon.com/shop/grahamstephan?listId=2TNWZ7RP1P1EB
For business or one-on-one real estate investing/real estate agent consulting inquiries, you can reach me at GrahamStephanBusiness @gmail.com
*Some of the links and other products that appear on this video are from companies which Graham Stephan will earn an affiliate commission or referral bonus. Graham Stephan is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. This is not investment advice. Public Offer valid for U.S. residents 18+ and subject to account approval. There may be other fees associated with trading. See Public.com/disclosures/
GET YOUR FREE STOCK WORTH UP TO $1000 ON PUBLIC & READ MY THOUGHTS ON THE MARKET - USE CODE GRAHAM: http://www.public.com/graham
GET MY WEEKLY EMAIL MARKET RECAP NEWSLETTER: http://grahamstephan.com/newsletter
THE NEW PODCAST: https://www.youtube.com/channel/UCMSYZVlQmyG8_2MkIKzg0kw
The YouTube Creator Academy:
Learn EXACTLY how to get your first 1000 subscribers on YouTube, rank videos on the front page of searches, grow your following, and turn that into another income source: https://the-real-estate-agent-academy.teachable.com/p/the-youtube-creator-academy/?product_id=1010756&coupon_code=100OFF - $100 OFF WITH CODE 100OFF
INCREASED AUDIT RATES:
Under the Inflation Reduction Act, $46 billion dollars is going to be spent on hiring more enforcement agents, and keeping track of cryptocurrency taxes, which, as CBS explains - is a relatively new area of the IRS.
Of course, in a recent statement, Janet Yellen says that those earning under $400,000 won’t have anything to worry about, and that “new funding will crack down on tax evaders among the wealthy and large corporations, invest in technology upgrades that help taxpayers, and hire more customer support staff to prevent backlogs."
A further clarification explains that “those 87,000 employees will not all be hired at the same time, will not all be auditors and, in many cases, will be replacing employees who are expected to quit or retire.”
HOWEVER, others disagree, pointing out that - just this year alone - audit rates have more than DOUBLED for those making above $100,000 per year, suggesting that, most likely, those earning under $400,000 will ALSO be scrutinized by the IRS at a higher pace than before.
Some argue that “Americans who earn less than $75,000 per year are slated to receive 60% of the additional tax audits,” while the other side says that “those making under $400,000 aren’t the target”…although, from what I could gather…the truth is PROBABLY somewhere in the middle.
What we DO know is that “the bill states that it is not "intended" to increase rates for taxpayers who aren't in the top 1% of earners,” - even though, they COULD be subject to increased audit rates.
The other thing we know is that IRS funding has declined - SUBSTANTIALLY - since 2010, meaning that - most likely, an increased budget is NOT going to take us above levels that we haven’t ALREADY seen in the recent past.
In fact, The Treasury for Tax Policy went on record to say that: “The proposal would return audit rates to the levels of about 10 years ago; the rate would rise for all taxpayers, but higher-income taxpayers would face the largest increase”
In terms of their hiring, he then explained that “over half of the IRS staff — 50,000 — is eligible for retirement in the next five years, and that much of the funding for new employees will be focused on mitigating that attrition and adding customer service.”
We also know that roughly $200 billion dollars is uncollected due to noncompliance and an inability to audit the complicated returns…so, there needs to be a change, SOMEWHERE, to bring revenue in-line with expectations.
My ENTIRE Camera and Recording Equipment:
https://www.amazon.com/shop/grahamstephan?listId=2TNWZ7RP1P1EB
For business or one-on-one real estate investing/real estate agent consulting inquiries, you can reach me at GrahamStephanBusiness @gmail.com
*Some of the links and other products that appear on this video are from companies which Graham Stephan will earn an affiliate commission or referral bonus. Graham Stephan is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. This is not investment advice. Public Offer valid for U.S. residents 18+ and subject to account approval. There may be other fees associated with trading. See Public.com/disclosures/
Dems are hiding this from the public
Thank you Biden and the democrats LOL
How come your voice is such a higher pitch than your older videos from a few years ago?
Just charge a percentage of income for employees and a percentage of gross income for businesses. Get rid of all deductions.
Graham…. Been seeing you’ve been taking our advice on slowing down on the amount of videos you’re making. Good job mate.
Must be willing to be armed and use deadly force —- sounds like an army
To be honest nobody would be upset about paying taxes if they actually went to supporting Americans instead of being funneled to the middle east and Ukraine
Income tax is theft.
This sounds scarily un-American, FREEDOM, GUNS! 😀
Seriously though, this sounds great, why should honest people constantly pay the lifestyle of cheaters?
A flat tax would simplify things (for most workers).
Would be great if IRS audited you because you overpaid!!!
To fund the illegal FBI raid.
Federal income taxes should be abolished. The government has better ways of pulling in money. A national sales tax would be better. There are also tariffs that could work.
The government should stop spending our money like morons then they wouldn’t need to steal more. Remember when we were unfairly taxed before?
The feds are terrorists. The IRS, FBI, DHS, DOJ, NIH, CDC and many others need to be shut down asap. The government is the problem in America. From inflation to not balancing budgets. Arrest Biden obama Bush Clinton Pelosi Schumer Schiff Cheney Harris Inslee Newsom for abuse of powers theft treason and crimes against humanity. END THE FEDS. US ARMY At US Boarders Per state military. The feds are destroying our futures and they need to be shut down. ASAP
Great, now they can scrutinize what pitifully tiny amount I make even more harshly.
Lastly I'm suddenly thankful that I've been using HR Block for 10+ years.
And…does anyone trust Yellen anymore?
Thanks Graham
We just gotta legalize weed federally= more gov employees
The IRS should start their audits with every living politician in the United States.
you guys voted him in so its what you deserve
Just one question. Are my speeding tickets are right off if I am super rich?
Funny how the people you cite as "evidence" that it will affect low-income people are people like House GOP leader Kevin McCarthy, who has a vested interest and historical legacy in lying to push an agenda.
All of the actual experts say you are in little added risk if you make less than 400,000 a year. Highly reduced risk if you are not avoiding taxes.
Screw the IRS these 87,000 new agents trainees got no experience of using firearms and tactical tactics as they boutta start a death squad police force to kill normal people who don’t pay up their tax
You said "make" but you meant "take"…
This is where the 0%, and 10k of student debt forgiveness is going to come from