TheStreet’s J.D. Durkin brings you the biggest news of the day, including how the IRS will begin cracking down on some of the country’s richest tax evaders.
Category
🥇
SportsTranscript
00:00 I'm JD Durkin reporting from the New York Stock Exchange.
00:03 Stocks witnessed a solid rally with the S&P 500 surging to an all-time high on the back
00:08 of NVIDIA's strong fourth quarter results.
00:10 The chip giant saw its revenue skyrocket and is expecting another quarter of gains.
00:15 This positive report helped lift the broader tech sector with names like Meta and Amazon
00:19 joining in on the fun as well.
00:22 In other news, the IRS is coming for millionaires and billionaires who have been guilty of tax
00:26 evasion.
00:27 According to the agency, the country's richest are evading more than $150 billion a year
00:33 in taxes.
00:34 But with new funding from Congress, the IRS will begin cracking down on wealthy taxpayers,
00:39 including large companies.
00:41 According to the Internal Revenue Service, audits of taxpayers making $1 million or more
00:45 a year have fallen by 80 percent over the last 10 years.
00:49 But those making $1 million or more a year have increased by 50 percent over that same
00:54 time period.
00:55 Speaking with CNBC, IRS Commissioner Danny Werfel said, "We have to make investments
01:00 to make sure that whether you're a complicated filer who can afford to hire an army of lawyers
01:05 and accountants, or a more simple filer who has one income and takes the standard deduction,
01:11 the IRS is equally able to determine what's owed to us.
01:15 That's a fairer system."
01:16 The IRS says that with the new funding, it expects to be able to bring in an additional
01:20 $561 billion in tax revenue over the next decade.
01:30 ------------------------------fb0fcfdfb0fcfd--
01:31 [BLANK_AUDIO]