IRS collected $1B in back taxes from millionaires in less than a year

cnn.com

3 pointse12e3 comments

1 in 5 households in America is a millionaire.

We need to stop treating "millionaire" to mean "rich" like it did before decades of inflation. A two-earner household, that buys a house, uses their employer's 401k and just generally is financially prudent will have a net worth over a million well before retirement.

In fact, to encourage responsible retirement planning, we should probably start treating it as an expectation to be a millionaire at time of retirement. If you're not on track to be a millionaire at 65, you need to save more.

> The agency identified about 1,600 taxpayers with more than $1 million in income and more than $250,000 in tax debt. To date, more than $1 billion has been recovered from those individuals, and the effort is ongoing.

This is about individuals with $1m in annual income, not $1m in assets.

Unless you were extremely lucky in your fund selection, $1m/yr in income from a 401k is unlikely.

Now go get trillions from billionaires.

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