The IRS Sets a Trap for Cryptocurrency Tax Cheats
<i>Since 2009, it has brought in more than $12 billion from individuals.</i><p>Friendly reminder that IRS enforcement is one of the most cost-effective activities that the federal government can engage in, and that Congress has consistently <i>cut</i> funding for the IRS for years and years [0][1][2][3][4]:<p><i>Cutting the IRS budget didn’t make sense to [John Koskinen]. It was one of the few areas of government that had a positive return on investment. Koskinen told the Senate, “I don’t know any organization in my 20 years of experience in the private sector that has said, ‘I think I’ll take my revenue operation and starve it for funds.’”</i><p>It should be obvious that a politician who votes to cut IRS funding, especially when that funding can go toward enforcement, does <i>not</i> represent the interests of the common people they represent.<p>If you are a white-collar employee making $100k, $200k, or even higher, you should be <i>especially</i> concerned, since you bear a large portion of the nation&#x27;s tax burden and expect that your tax money be spent well. 25% marginal tax rate is a bitter pill to swallow when you know that others are not paying their fair share.<p>[0]: <a href="https:&#x2F;&#x2F;www.cbpp.org&#x2F;federal-tax&#x2F;depletion-of-irs-enforcement-is-undermining-the-tax-code" rel="nofollow">https:&#x2F;&#x2F;www.cbpp.org&#x2F;federal-tax&#x2F;depletion-of-irs-enforcemen...</a><p>[1]: <a href="https:&#x2F;&#x2F;www.propublica.org&#x2F;article&#x2F;has-the-irs-hit-bottom" rel="nofollow">https:&#x2F;&#x2F;www.propublica.org&#x2F;article&#x2F;has-the-irs-hit-bottom</a><p>[2]: <a href="https:&#x2F;&#x2F;www.cnbc.com&#x2F;2018&#x2F;05&#x2F;11&#x2F;budget-cuts-shrink-the-irs-and-corporations-are-the-big-winners.html" rel="nofollow">https:&#x2F;&#x2F;www.cnbc.com&#x2F;2018&#x2F;05&#x2F;11&#x2F;budget-cuts-shrink-the-irs-a...</a><p>[3]: <a href="https:&#x2F;&#x2F;www.theatlantic.com&#x2F;politics&#x2F;archive&#x2F;2018&#x2F;12&#x2F;rich-people-are-getting-away-not-paying-their-taxes&#x2F;577798&#x2F;" rel="nofollow">https:&#x2F;&#x2F;www.theatlantic.com&#x2F;politics&#x2F;archive&#x2F;2018&#x2F;12&#x2F;rich-pe...</a><p>[4]: <a href="https:&#x2F;&#x2F;www.propublica.org&#x2F;article&#x2F;how-the-irs-was-gutted" rel="nofollow">https:&#x2F;&#x2F;www.propublica.org&#x2F;article&#x2F;how-the-irs-was-gutted</a>