Republicans want to raise the Social Security retirement age and reduce benefits for high-income earners, while Democrats oppose benefit cuts and propose raising taxes on the wealthy to enhance benefits. Both parties aim to address the programs' financial challenges, though their proposals differ significantly.
The IRS is targeting high net worth individuals with overdue tax returns since 2017. Letters have been sent to those earning $400,000-$1 million, with future expansion targeting higher earners. The IRS urges taxpayers to fulfill their obligations, warning of penalties and interest charges for non-filers. To avoid complications, individuals are advised to seek professional assistance for tax calculations and filing. This initiative aims to recover unpaid taxes from delinquent high-income earners.
