Everand Logo

Welcome to Everand!

  • Los Angeles Times

    As IRS funding shrinks, California's wealthiest can breathe a bit easier

    California millionaires and billionaires who were set to face the full auditing firepower of a revamped Internal Revenue Service can breathe a bit easier, thanks to congressional Republicans. This week, President Biden signed a bill that slashes $21 billion from a planned $80-billion increase in the agency's funding — a key GOP demand as part of the bipartisan deal to lift the federal debt ...
    by Owen Tucker-Smith, Los Angeles Times Jun 08, 2023 4 minutes
    President Biden signed a bill that slashes $21 billion from a planned $80- billion increase in funding for the Internal Revenue Service-- a key Republican demand as part of the bipartisan deal to lift the federal debt ceiling-- and it's music to the ears of the wealthy, especially in California.

    California millionaires and billionaires who were set to face the full auditing firepower of a revamped Internal Revenue Service can breathe a bit easier, thanks to congressional Republicans.

    This week, President Biden signed a bill that slashes $21 billion from a planned $80-billion increase in the agency's funding — a key GOP demand as part of the bipartisan deal to lift the federal debt ceiling.

    The audits that would have been funded by that new money could have hit rich Californians hard. Around half of the $80 billion would have gone toward increasing tax compliance among Americans with incomes over $400,000 a year, with the rest of the money earmarked for improving the agency's taxpayer despite having only 12% of its population, was due to face an outsize share of the new enforcement actions.

    You’re reading a preview, subscribe to read more.

    More from Los Angeles Times

    Los Angeles Times5 min read
    10 Sunscreen Myths You Can't Afford To Fall For
    Attention sunscreen skeptics: The sun's UV rays are coming for you, and you're just making their job easier. Summer is now upon us, which means more time in the sun — and more exposure to the ultraviolet radiation it emits. Longer-wavelength ultravio
    Los Angeles Times1 min readCrime & Violence
    LA Man Accused Of Selling Explicit Photos Of High School Girls In Sextortion Scheme
    LOS ANGELES — A San Fernando Valley man was indicted Tuesday for allegedly using Instagram to post and sell sexually explicit photos of high school girls without their consent — and threatening to post more images in a sextortion scheme. A federal gr
    Los Angeles Times8 min read
    Meet Palmer Luckey, Millennial Slayer Of US Defense Giants
    A red phone sits on Palmer Luckey’s desk at the Costa Mesa headquarters of his military tech company, Anduril Industries. The phone is a genuine article from the U.S. nuclear command, once connected to the network that led to the bunkers dug into the

    Related Books & Audiobooks