Posted on 12/13/2014 2:39:00 PM PST by Libloather
The federal watchdog tasked with keeping tabs on the Internal Revenue Service says the agency needs to do a better job of administering tax credits for low-income people. The reason? Billions of dollars each year are ending up in the wrong hands.
A new report from the Treasury Inspector General for Tax Administration, reveals that nearly a quarter of the $63 billion worth of Earned Income Tax Credits distributed in 2012 were improper payments.
That’s about $14.5 billion in erroneous payments that were either given to the wrong people or distributed to the right people in the wrong amount.
TIGTA has routinely flagged the EITC as a high-risk area with lax oversight that threatens to put billions of tax dollars in the wrong hands. The report estimates that over the last decade, the IRS has doled out between $124 billion and $148 billion in improper payments.
(Excerpt) Read more at msn.com ...
Anything that wastes the fruits of the working and enslaves a widening class of dependents is approved by this administration.
I had the california state question giving me about $40 a few years ago in a state refund. They sent me a revised tax bill and wanted me to pay some $60 instead.
Meanwhile we have tax cheats running the IRS or owing $4.5 million like sharpton and NOT having to pay.
As I start this the 23 responses seem to show some resentment building up.
I don’t see why, it is IRS money isn’t it? Who cares what they do with it.
People don’t realize ... Government GOOD.
Business.....BAD
JJudy had some 30 something White Guy and somehow the case got down to money borrowed off a Credit Card and loaned to him. They went through the usual hassles and JJ ‘tricked’ him into saying the word ‘loan’ and asked why he didn’t pay the guy back..I was out of a job. Well, you are working now, I am sure he would be more than happy to get 50 a payday or whatever you can work out.
Q.Why didn’t you pay him?
A—Well, he got it from his credit card.
Q—Well why didn’t you pay him back?
A—It was credit card money.
JJ-where does that come from and who pays it back?
A.I don’t know .. all I know is he used his credit card to get money and I shouldn’t be responsible.
That sounds very much like the Govt and the way they handle finances...
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.