yeah??? wait till next year...
Posted on 01/06/2012 5:19:38 PM PST by Sub-Driver
Unpaid taxes: IRS report says $450 billion owed
WASHINGTON (AP) — People and businesses underpaid their taxes by an estimated 17 percent in the most recent year studied, meaning they failed to send the government $450 billion it was owed, according to an Internal Revenue Service report released Friday.
The study covered 2006, the most recent for which the IRS said it had data available. The amount of underpaid taxes far exceeded the size of the entire federal budget deficit at the time.
After IRS audits and other enforcement efforts, non-compliance shrank to 14 percent, leaving the final amount of unpaid taxes at $385 billion.
That is still larger than the budget deficit for fiscal 2006, which was $248 billion. Fiscal years begin in October of the previous year.
Altogether, the IRS estimates it was owed nearly $2.7 trillion in taxes in 2006.
Since then, federal deficits have mushroomed out of control, hitting a record $1.4 trillion in 2009 and barely receding to $1.3 trillion last year. President Barack Obama and Republicans in Congress have agreed to some spending cuts but have remained deadlocked over how to curb the massive budget shortfalls that are projected indefinitely.
The IRS has made efforts to improve compliance, such as increasing oversight of professional tax return preparers and increasing the information that must be reported to the agency by stock brokers, mutual fund companies and for some business transactions.
Even so, tax analysts said there was no reason to believe that today's compliance rate has changed significantly from the 2006 figures. That is chiefly because significant portions of the underpaid taxes are believed to come from businesses and individuals who report information about their income that is difficult for the IRS to verify.
(Excerpt) Read more at politico.com ...
How much of that is owed by people in obozo’s administration?
I’ve read that the majority of taxes owed are by federal employees. The irs give them a pass constantly.
Psssssssss....Hey, IRS. Here’s a couple of leads: Daschle
and Geithner.
Let’s not forget the companies that received stimulus funds even though they owed IRS millions of dollars......
I was reading today about SSDI (Social Security Disability Income) and if you owe the IRS and haven’t made payment arrangements, they can seize your SSDI.
But..wow, they can give away millions of our tax dollars to companies that owe millions in taxes..
It’s so messed up.....
My kid, married last December, then filled out his taxes last year using Turbo Tax. Evidently they forgot to add in a $1400 savings bond his wife had cashed that year. Neither one of them made huge salaries, he was just out of college, she was finishing college half that year.
So a week or two ago he gets a bill from the IRS for $700 saying he underreported income, and these are the penalties/late fees and taxes accrued. There are big time non-payers and they go after a 22 year old and his 20 year old wife for 50% of what they underreported. He went to the IRS office and they can’t even figure out why it was so high. So at least they’re helping him refile, hoping the problem will be remedied. At least he had the sense to contest it.
Congresscritters and politicians owe thousands with no consequences, and they’re presenting a kid who made an honest mistake with a deadline (just 3 weeks after he received the notice) or the possibility of more penalties, etc.
Sad.
And how much is owed the SS lock box?
The Regime is working the thoughtspace. “It’s not a spending problem, we’re not getting the revenue we need. Hoarders, the rich and bankers, many of them Jews, are starving the government of desperately needed cash. How can we help you if they don’t pay?”
It’s Obama’s reelection playbook: We need 100% tax compliance and then everything would be OK.
Take a look at the People’s Paradise of Illinois.
Hmmm, too bad we kicked out that 9-9-9 guy who made a few suggestions on how we could have simplified our tax code.
Although I like our current conservative candidates, not sure what they’re going to do to address problems like these.
yeah??? wait till next year...
We need to go back to a sales tax. That way the gubberment gets exactly what they are supposed to. The income tax won’t go away because they need to keep government employees working to keep them voting Democratic.
It’s all about punishment, not revenue. The audit targets are statistically likely to be political enemies that could contribute to zero’s political opponents. It doesn’t even matter if it costs 2 dollars to collect one dollar in revenue. In fact, more enforcement is a plus because it is another reason to enlarge the police state.
FUBO.
Probably most of that money isn’t actually owed. Me dad passed away a few years ago and I handled his estate. I did his taxes and he didn’t owe anything so didn’t bother to file (his only income was social security). I did file papers indicating he was deceased and also filed papers with an EIN for his estate which, by defintion, says he’s deceased, and the estate has now long been settled.
Yet, the IRS keeps sending letters to his old address saying he owes money, apparently not realizing he’s deceased, and of course they’ve never actually tried to visit this last residence. I used to open these letters but finally just throw them all away unopened. By now, based on the last letters I bothered to look at, I’m sure they’re claiming he owes hundreds of thousands of dollars of accumulated penalties and interest on an original (fallacious) estimated tax bill of a few hundred dollars several years ago.
My guess is that almost all of that 450 billion consists of a large number of completely bogus tax bills just like this one.
After at least 8 hours on the phone over a period of a week we found out it came from a identity theft that was uncovered nine years ago. The company finally had written the debt off as "noncollectable" and, of course, assigned it to hubby's SS number but sent the notification to the address the thief had given.
So the debt was not ours, (provable) and notification was not sent to our home, (provable) but the IRS still insisted that we owed the money plus penalties, late fees and such. (Jerks)
We finally sic'd the CC company on them. After all they could be in hot water because they had failed to send notification of debt forgiveness to the proper on file address something that we would be bringing up if this went to court.
A few weeks after that we got a very stiff little note saying that the incident had been investigated and no, we did not owe the money but we should be more careful with our filings in the future. Whatever bub!
RE: The only ones who don’t abide are the Godless ones.
So, if the government says they want ALL of your money, you are godless if you don’t abide?
Those who cried : “No Taxation without Representation” in the past are now the Godless ones?
I don’t know how many of those at FR are LEGAL immigrants with some ties to your previous country.
But I do know that ONLY the USA lays claims to ANY income you have from ANY country of origin regardless of whether it is legal or not.
For instance, I know of many Asians whose parents left them a trust fund that earns interest and dividends in their home country who came to the USA to study or work ( many of those who earn their graduate degrees eventually work here and receive green cards ).
The moment they become LEGAL residents, the IRS can now LAY CLAIM to any dividends or interest from your trust fund even if the money never entered the USA. America lays claim to it BY VIRTUE of your residency here in the USA.
If you left property in India or Taiwan for instance and rented it out and the rent is deposited in your name in an Indian or Taiwan bank, that rental income MUST BE DECLARED as INCOME here in the USA for the purpose of taxation !!
I do know that most people don’t abide by these law. Technically, they are all considered tax evaders by the IRS ( AKA CRIMINALS ).
If you are a German who lives and works in the USA, your American income is NOT taxed in Germany. However, if you are an American who lives and works in Germany, your German income IS TAXABLE in America !!
I believe we are the only country in the world that does that. Are we still a free people or what?
“What do criminals, welfare recipients, and the bureaucrats in the District of Criminals have in common?
They all feel entitled to your hard-earned money!”
....and tax cheats as well
Does Corzine have to pay taxes on the 1.3 billion he stole and doesn’t know which off shore bank account he sent it to?
My girlfriend’s daughter has a boyfriend who ALWAYS should have had money coming back to him (to the tune of $550 to $900)each year he worked. The damn dummy figured since had money coming back, he just wouldn’t file his taxes and there would be no repucussions. Three years ago I did his taxes and he got notification he owes over $67,000 in fines, penalties, ya da, ya da.
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