The Internal Revenue Service (IRS) achieved a staggering $5 trillion in tax collections last year, setting a new record. Under President Joe Biden's administration, the tax revenue generated from Americans has surged, as evidenced by an in-depth analysis of IRS data. In comparison to President Donald Trump's term, tax enforcement has seen a significant increase during Biden's presidency. The IRS' recently published Data Book reveals that for the fiscal year 2022 (from October 1, 2021, to September 30, 2022), a total of $4.9 trillion in taxes were collected. Simultaneously, the IRS issued approximately $642 billion in refunds during the same period, resulting in a net tax collection of around $4.26 trillion. In contrast, during the fiscal year 2020, Trump's final year in office, the IRS' gross tax collections amounted to $3.5 trillion. Taking into account the nearly $736 billion in refunds, the net total taxes collected during Trump's last year were approximately $2.76 trillion, or around 35% lower than in Biden's second year in office. During Biden's first year in office, the fiscal year 2021, the IRS' gross tax collections reached $4.1 trillion. Subtracting the $1.1 trillion in refunds, the net total stood at $3 trillion, marking an 8% increase compared to Trump's final year in the White House. #TaxAvoidanceTips, #TrillionDollarTaxes, #IRSInsights, #ChatGPTaxAdvice, #FinancialStrategies Check me out in other holes: Twitter: https://twitter.com/KagensNews I do almost daily videos on many subjects, different views and attempt to look outside the box into the real reason of why things happen. Follow me down this journey by hitting the SUBSCRIBE, COMMENT YOUR THOUGHTS AND SHARE THIS VIDEO. MORE TO COME, ITS GETTING INTERESTING. DISCLAIMER This video is for entertainment purposes ONLY & designed to help your thinking, not direct it. These videos shall NOT be construed as tax, legal or financial advice and may be outdated or inaccurate; all decisions made as a result of viewing are yours alone. OUR RIGHT TO FAIR USE: I can use this content because of the right to "Fair Use" "Fair use for the purpose of criticism, commentary, satire, news reporting, teaching, education, and research."

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Broadcast on:

21 Apr 2023