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 ...
The IRS looks at everyone as a tax cheat no matter how much you pay.
‘We’? The Dem/Media slime machine drove him out. I still don’t know the truth about all the allegations against Cain. Although, I did like his 9-9-9 plan, particularly the enterprise zones. If we don’t reengage blacks and get them off the liberal plantation they’ll stay poor, fatherless and downtrodden.
Put them in the same cell as the Unabomber or Charles Manson.
Cheers!
Ask what the Govt owes the people, not what the people owe the government-IRS? The federal debt is how many trillion?
And the left’s poster boy is WARREN BUFFETT!! PAY UP WARREN, you old coot.....you big creep.
They should start by checking all the filthy rich that want taxes raised cause they don’t think they pay enough..That would be everyone in congress first then the democrats that want taxes raised, hollywood, and that guy from Hathaway (name slips my mind, also Gates has talked about raising taxes) lets do away with their loopholes and leave the rest of us alone...Kennedy love to raise taxes while they live on trust funds...the really rich don’t pay taxes, their money is sheltered...raise our taxes not theirs...is what they mean...
The other day I heard Cindy Shee(ite)han say she handn’t paid any taxes since her son died. Either she is lying about this (like she does everything else) or the IRS is giving her a pass. If the latter, can the rest of us join the club?
I am a conscientious objector and therefore should not be asked to volunteer my earnings to projects I object.
I used to think that if all the small businesses and yearly filers who claim maximum deductions (owing tax at the end of the year) delayed or didn’t pay their estimated taxes and taxes, it would bring this fascist government to its knees. However, this is wrong, of course. That would only work for a law-abiding government.
Obama doesn’t care about whether we are solvent or not; he would just order the Fed to print more money and drive us further into insolvency. It is his one true goal besides subjugating us under ISLAM
maybe just should abolish irs...
RE: Like those who purchase a brand new yacht and dock it in another state to avoid paying taxes on it.
__________________________________________
I wonder why gaming the system is considered wrong...
Unless there is a law that says docking a brand new yacht in a state that does not tax you on it is wrong, I fail to see how this is breaking the law.
If the IRS wants to collect unpaid taxes, they just need to hang around the DUmocrats in congress and DUh-bama’s appointees....the biggest assembling of TAX CHEATS in history:
All the President’s Tax Cheats
http://townhall.com/columnists/michellemalkin/2009/02/04/all_the_presidents_tax_cheats
Democrats are hypocrites when it comes to paying taxes
http://www.latimes.com/news/opinion/commentary/la-oe-goldberg3-2009feb03,0,49616.column
Further Reading:
http://www.bing.com/search?q=List+of+Democratic+Tax+Cheats&FORM=R5FD
And that is just from the people in Obama's administration.
What is wrong with you.
Why don't you ask your fellow illegal alien while I pay for it's free ride?
$450 billion? So about a third of the current yearly budget deficit? Call me when you’re talking about some real money.
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