TV News LIES

Sunday, Mar 26th

Last update05:20:13 AM GMT

You are here News Economy Here's a debt reduction plan: Collect billions from tax cheats

Here's a debt reduction plan: Collect billions from tax cheats

E-mail Print PDF

Tax cheatsAt a time when higher taxes or deeper government spending cuts seem to be the only options available to close the gaping federal deficit, going after more $400 billion a year in uncollected taxes should be a no-brainer.

But in the nation's capital, the so-called "tax gap" hardly rates a mention in the official discussion of America's fiscal woes.

In government parlance, the "tax gap" is the difference between the taxes owed and what's actually paid on time. In their most recent analysis, from 2001, the Internal Revenue Service estimated that only about 84 percent of federal taxes were voluntarily paid on time that year, leaving a gross tax gap of $345 billion, or roughly 16 percent, uncollected.

Late payments and IRS collection efforts brought in another $50 billion, which cut the net tax gap to $290 billion in 2001. But similar estimates point to a gross tax gap of $410 billion to $500 billion in 2010, said Benjamin Harris, a research economist at the Brookings Institution, a center-left research group.

"You could go a long way toward solving our budget mess by closing the tax gap, but the problem is, it's not easily closed," Harris said.

More...


Most Recent Related Stories...


Trump touts Charter hiring that was in works for two years

Charter hiring goes back two yearsU.S. President Donald Trump on Friday touted Charter Communications Inc's decision to invest $25 billion in...

GM to lay off 1,100 at Michigan plant, move Acadia

GM to lay off 1,000General Motors Co. will lay off as many as 1,100 workers at its Lansing Delta Township...

Fed hikes interest rates, signals two more increases for 2017

Interrest rates increaseThe Federal Reserve’s top policymaking body on Wednesday pulled the trigger on another increase in interest...

Deutsche Bank plunges back into the red with $2 billion loss

Deutsche Bank in the redDeutsche Bank is firmly back in the red.Germany's biggest bank posted a net loss of €1.9...
 
America's # 1 Enemy
Tee Shirt
& Help Support TvNewsLIES.org!
TVNL Tee Shirt
 
TVNL TOTE BAG
Conserve our Planet
& Help Support TvNewsLIES.org!
 
Get your 9/11 & Media
Deception Dollars
& Help Support TvNewsLIES.org!
 
The Loaded Deck
The First & the Best!
The Media & Bush Admin Exposed!