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Author Topic: TAX CHEATS BEWARE!  (Read 39 times)

Offline CIAA-FAN

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TAX CHEATS BEWARE!
« on: June 10, 2021, 09:09:57 AM »
Treasury targets tax cheats in a proposal that it hopes will bring in $700 billion

Beefing up IRS enforcement may prove politically easier than raising taxes on the wealthy and corporations and could be a key source of revenue for the Biden administration’s spending plans.

By Jeff Stein, Washington Post (just now)

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THIS IS A MORE POLITICALLY PALATABLE TACK TO RAISE THE FUNDS FOR THE PROPOSED POTUS's $1T COST OF THE NEEDED INFASTRUCTURE.  EVEN GOPers RISK A LOT TO OPENLY OPPOSE THIS APPROACH.  EVERYONE HATES A MULTI-BILLIONAIRE TAX CHEAT.  WITH THE PREVIOUS ADMINISTRATION OF LIARS AND CHEATS LARGELY GONE, THIS APPROACH TO RAISE THE REQUISITE REVENUE AT LEAST HAS A VIABLE CHANCE AT SUCCESS.
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Offline CIAA-FAN

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Re: TAX CHEATS BEWARE!
« Reply #1 on: June 10, 2021, 09:16:59 AM »
…...Beefing up IRS enforcement may prove politically easier than raising taxes on the wealthy and corporations

Treasury Secretary Janet Yellen speaks at a news briefing at the White House. (Patrick Semansky/AP)

By

Jeff Stein

The Treasury Department on Thursday announced a plan to raise an additional $700 billion through new tax compliance measures, a potentially key source of revenue for the Biden administration’s multitrillion-dollar spending proposals.

In a 22-page report, Treasury officials identified a number of policies to increase enforcement aimed at closing the “tax gap” between what taxpayers owe to the federal government and what they actually pay. These include increased reporting requirements, new tools for auditors, massively increasing the Internal Revenue Service’s budget, and new rules on cryptocurrency, among other measures.

Some of the changes — such as billions of dollars in additional spending at the IRS — would require congressional approval, and many Republicans have long tried to shrink the agency. But the White House said the proposed investments would pay off by allowing the agency to collect the taxes that are due.....
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Offline CIAA-FAN

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Re: TAX CHEATS BEWARE!
« Reply #2 on: June 10, 2021, 09:12:59 PM »
…...Beefing up IRS enforcement may prove politically easier than raising taxes on the wealthy and corporations

Treasury Secretary Janet Yellen speaks at a news briefing at the White House. (Patrick Semansky/AP)

By

Jeff Stein

The Treasury Department on Thursday announced a plan to raise an additional $700 billion through new tax compliance measures, a potentially key source of revenue for the Biden administration’s multitrillion-dollar spending proposals.

In a 22-page report, Treasury officials identified a number of policies to increase enforcement aimed at closing the “tax gap” between what taxpayers owe to the federal government and what they actually pay. These include increased reporting requirements, new tools for auditors, massively increasing the Internal Revenue Service’s budget, and new rules on cryptocurrency, among other measures.

Some of the changes — such as billions of dollars in additional spending at the IRS — would require congressional approval, and many Republicans have long tried to shrink the agency. But the White House said the proposed investments would pay off by allowing the agency to collect the taxes that are due.....

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