IRS: In 2021, the top 1% of taxpayers (1.53M) paid a record-high 45.8% of all federal income taxes vs. a record low of 34.4% paid by the bottom 95% (146M)

Just out from IRS: In 2021, the top 1% of taxpayers (1.53M) paid a record-high 45.8% of all federal income taxes vs. a record low of 34.4% paid by the bottom 95% (146M). But according to Biden and the Democrats, the rich aren't paying their "fair share." What exactly would be the… pic.twitter.com/HdJzapIS4l

— Mark J. Perry (@Mark_J_Perry) February 13, 2024

Thank you to Steve Bartin. 

"$1.1 billion in advanced child tax credits [were sent] to the wrong families. Now, 1.5 million families who received the money “accidentally” will be on the hook to pay it back"

Thank you to Martin Armstrong @ Armstrong Economics.

The calculation errors are titanic.

The Internal Revenue Service (IRS) continually makes multi-billion-dollar mistakes. The agency “accidentally” sent $1.1 billion in advanced child tax credits to the wrong families. If a private citizen were to make a mistake on their personal taxes, they’d feel the repercussions–especially with Biden’s 87,000 newly appointed and armed agents.

Now 1.5 million families who received the money “accidentally” will be on the hook to pay it back. As if that were not bad enough, the IRS failed to deliver $3.7 billion in tax credits to 4.1 million households! The tax credit was intended as part of the reckless American Rescue Plan to pay families earning under $150,000 annually and single parents earning under $112,500. This was the largest child tax credit in America’s history – basically, people received “free” money at the expense of the taxpayers simply for having children.

This is the same agency that sent countless stimulus checks to people who did not qualify. Even multi-billionaire George Soros received a stimulus check. They even sent out checks totaling over $267 billion to deceased individuals. The IRS also “accidentally” leaked 120,000 personal online files earlier in the month. The agency continually makes major mistakes. Knowing that there will be 87,000 additional agents, armed, working for this failed agency does not put one at ease.

The Dept. of the Treasury Is Auditing the IRS After 1,250 IRS Agents Failed to Pay Their Taxes

Maybe this is why they need to hire 87K more just to police themselves lol 😂 pic.twitter.com/XkwLksrVF9

— Wall Street Silver (@WallStreetSilv) September 15, 2022

"The law prohibits the IRS from using liens or levies to collect any individual shared responsibility payment."

This was interesting. But when you're dealing with the IRS, I would be very careful. Okay, so current federal law prohibits the IRS from using liens to collect "failure to pay" responsibility tax under Obamacare. "The law prohibits the IRS from using liens or levies to collect any individual shared responsibility payment." However, the IRS may offset that liability against any federal refund that may be due to you. So there's that. Anyway, have a listen. It's worth hearing and considering.