Stock Market/Investing/Day Trading/Speculative Trading Thread

[Toe]

Inflation falls in June for first time since 2020 as consumer price increases continue to slow

June's CPI showed inflation is cooling, raising investor hopes for Fed rate cuts

finance.yahoo.com

 

[BingoDingo]

Inflation falls in June for first time since 2020 as consumer price increases continue to slow

June's CPI showed inflation is cooling, raising investor hopes for Fed rate cuts

finance.yahoo.com

Baseline effects will take us the rest of the way. Rents/rent equivalents over the next 3-4 months are gonna be pretty helpful for the Fed.

 

[HCFord1]

Baseline effects will take us the rest of the way. Rents/rent equivalents over the next 3-4 months are gonna be pretty helpful for the Fed.

 

[Toe]

IRS collects milestone $1 billion in back taxes from high-wealth taxpayers

The IRS has collected $1 billion in back taxes from high-wealth tax cheats — a milestone meant to showcase how the agency is making use of the money it received as part of the Biden administration’s signature climate, health care and tax package signed into law in 2022.

apnews.com

 

[Jim14510]

IRS collects milestone $1 billion in back taxes from high-wealth taxpayers

The IRS has collected $1 billion in back taxes from high-wealth tax cheats — a milestone meant to showcase how the agency is making use of the money it received as part of the Biden administration’s signature climate, health care and tax package signed into law in 2022.

apnews.com

Their big selling point that their budget increase worked was they collected money from 1,600 people with more than 1 mil in income and 250k in tax debt. It only cost 8 billion per year. But they collected 1 billion! Lol

 

[slattimer]

Their big selling point that their budget increase worked was they collected money from 1,600 people with more than 1 mil in income and 250k in tax debt. It only cost 8 billion per year. But they collected 1 billion! Lol

Classic government

 

[BingoDingo]

Their big selling point that their budget increase worked was they collected money from 1,600 people with more than 1 mil in income and 250k in tax debt. It only cost 8 billion per year. But they collected 1 billion! Lol

This is just a single initiative. Looks like IRS CI enforcement alone increased from ~29 billion to ~37 billion in '23. That's only like half the total enforcement revenue too. IRS enforcement is one of the only efficient parts of the government, lol.

 

[Jim14510]

This is just a single initiative. Looks like IRS CI enforcement alone increased from ~29 billion to ~37 billion in '23. That's only like half the total enforcement revenue too. IRS enforcement is one of the only efficient parts of the government, lol.

Fuck the IRS bingo. I hate them with all of my heart. Notices turned back on in 2023. They turned them off during covid. Also fuck the IRS.

 

[BingoDingo]

Fuck the IRS bingo. I hate them with all of my heart. Notices turned back on in 2023. They turned them off during covid. Also fuck the IRS.

Sure, I don't know many who are big fans of the IRS...I'm just saying getting 6-7 dollars for every dollar you spend is premium plus. Also, I can't imagine the notices impacted the criminal investigation side of the things...

 

[Jim14510]

Sure, I don't know many who are big fans of the IRS...I'm just saying getting 6-7 dollars for every dollar you spend is premium plus. Also, I can't imagine the notices impacted the criminal investigation side of the things...

It didn't. That was just a side note on collecting amounts due.

They don't get 6-7 for every additional dollar spent. Unless you give them credit beyond CI then it's 1/1. They're a necessary evil but they're still super inefficient to non govt standards. If your additional funds are 1/1 it's time to cut the funding back to a positive ratio. Especially in a market that is looking for workers. Be logically different if it was going the other way.

However, fuck the IRS so they should still cut back in that situation.

 

[KidsSeeGhosts]

It didn't. That was just a side note on collecting amounts due.

They don't get 6-7 for every additional dollar spent. Unless you give them credit beyond CI then it's 1/1. They're a necessary evil but they're still super inefficient to non govt standards. If your additional funds are 1/1 it's time to cut the funding back to a positive ratio. Especially in a market that is looking for workers. Be logically different if it was going the other way.

However, fuck the IRS so they should still cut back in that situation.

I think pretty much every industry would lose their minds at even 1:1 collection on bad debt expense lol

 

[Jim14510]

I think pretty much every industry would lose their minds at even 1:1 collection on bad debt expense lol

You think everyone would be thrilled to collect an amount equal to the amount they spent to collect it?

They could sell it for some percentage of the amount. Why wouldn't they just do that?

 

[BingoDingo]

It didn't. That was just a side note on collecting amounts due.

They don't get 6-7 for every additional dollar spent. Unless you give them credit beyond CI then it's 1/1. They're a necessary evil but they're still super inefficient to non govt standards. If your additional funds are 1/1 it's time to cut the funding back to a positive ratio. Especially in a market that is looking for workers. Be logically different if it was going the other way.

However, fuck the IRS so they should still cut back in that situation.

Eh, I'm not sure where you're getting your numbers...IRS total budget is $14 billion. CI enforcement collections for '23 was double the whole IRS budget.

From the Budget in Brief:

"Enforcement In FY 2022, the IRS collected $72.4billion through enforcement programs, a return on investment (ROI) of about $6 to $1
compared to the IRS appropriated budget. This number is likely understated, since the ROI estimate does not include the
revenue effect of the indirect deterrence value of IRS enforcement programs"


"In FY 2023, the IRS collected $86 billion through enforcement programs, a return on investment (ROI) of about $7 to $1
compared to the IRS discretionary budget. This number is likely understated, since the ROI estimate does not include the
revenue effect of the indirect deterrence value of IRS enforcement programs to increase the amount of taxes paid voluntarily."


The CBO says the near historic range is $5-9 dollars. $1.5 billion budget increase and they rolled up $13.6 billion more in enforcement...

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home.treasury.gov

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www.irs.gov

 

[BingoDingo]

I think pretty much every industry would lose their minds at even 1:1 collection on bad debt expense lol

There would be no debt collection at all if that was the case.

 

[Jim14510]

Eh, I'm not sure where you're getting your numbers...IRS total budget is $14 billion. CI enforcement collections for '23 was double the whole IRS budget.

From the Budget in Brief:

"Enforcement In FY 2022, the IRS collected $72.4billion through enforcement programs, a return on investment (ROI) of about $6 to $1
compared to the IRS appropriated budget. This number is likely understated, since the ROI estimate does not include the
revenue effect of the indirect deterrence value of IRS enforcement programs"


"In FY 2023, the IRS collected $86 billion through enforcement programs, a return on investment (ROI) of about $7 to $1
compared to the IRS discretionary budget. This number is likely understated, since the ROI estimate does not include the
revenue effect of the indirect deterrence value of IRS enforcement programs to increase the amount of taxes paid voluntarily."


The CBO says the near historic range is $5-9 dollars. $1.5 billion budget increase and they rolled up $13.6 billion more in enforcement...

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home.treasury.gov

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www.irs.gov

From you you nerd.

IRS CI enforcement alone increased from ~29 billion to ~37 billion in '23.

The 8 bil cost was just simple math of 80 bil over 10 years from the inflation reduction act.

 

[iruletheskool]

Whta happened yesterday grumble

 

[BingoDingo]

From you you nerd.



The 8 bil cost was just simple math of 80 bil over 10 years from the inflation reduction act.

Lol, ok...using actual budget and counting non-criminal enforcement as well, and you're getting $6-7 dollars for every new enforcement dollar spend. Outside of R&D and seizing criminal's bitcoin wallets, there probably isn't a better revenue multiplier. I get the IRS hate, but tax enforcement is good, actually.

 

[Jim14510]

Lol, ok...using actual budget and counting non-criminal enforcement as well, and you're getting $6-7 dollars for every new enforcement dollar spend. Outside of R&D and seizing criminal's bitcoin wallets, there probably isn't a better revenue multiplier. I get the IRS hate, but tax enforcement is good, actually.

They're probably fudging the numbers.

 

[KidsSeeGhosts]

There would be no debt collection at all if that was the case.

you don’t think anyone would choose the optimal market structure? You serious Clark?

 

[BingoDingo]

you don’t think anyone would choose the optimal market structure? You serious Clark?

Well, given that a market in which no profit incentive exists likely has no firms or competition at all - it seems like talking about the efficiency of the market would be sort of silly.