Internal Revenue Service Hires more than 80,000 agents and IRS job description was edited to remove ‘deadly force’ requirement
Internal Revenue Service Hires more than 80,000 agents and IRS job description was edited to remove ‘deadly force’ requirement
The Inflation Reduction Act would add $80 billion to the IRS budget and hire 80,000 more auditors and agents.
(NYP) - Newly proposed Inflation Reduction Bill might go through the senate and here’s the bill's counterproductive addition, the bill adds green-energy tax write-offs and other loopholes to the complex, 30,000-page tax code making it even less effective.
All of this enforcement effort won't even close to raising the amount of money Congress anticipates. The majority of IRS commissioners have recognized that the voluntary compliance of the 150 million American workers and businesses who file returns annually is the foundation of our tax system.
Several variables affect tax compliance. Do Americans believe the tax system is just? Second, can you grasp the tax code? Complexity encourages tax fraud. Third, do tax rates exist that are low enough to lessen the financial incentive to commit fraud?
The temptation to conceal income is twice as strong at a tax rate of 50% as it is at a rate of 25%. In his latest book, "Taxes Have Consequences," economist Arthur Laffer demonstrates that tax receipts increased historically whenever tax rates were reduced.
On all three points, our tax system is ineffective. According to every survey, it's unfair. The typical individual cannot understand it. And taxes on some income are frequently more than 40% or even 50%.
Why not take the opposite action to what Democrats in Congress and President Joe Biden want to do? Reduced fees and the removal of several special-interest exemptions for lobbyists.
All of these issues would be resolved by the flat-tax proposal we have long supported (and on which one of us campaigned for president): The only deductions would be for you, your spouse, and your kids at a single rate of 17%. a reply postcard. Little to audit.
There won't be any special-interest freebies or perks for the wealthy to cover up their income. As a result, the "tax gap" of unpaid taxes would be reduced.
The wealthy would no longer be able to take advantage of fancy tax shelters. The flat tax is an ethical and practical method of "soaking the affluent" without seriously harming the economy.
We hazard a guess that the IRS would be able to decrease the number of agents and audits in half rather than double since this approach would be so simple to comprehend and comply with.
Imagine a government initiative that, rather than increasing waste and inefficiency, actively worked to minimize it. The economy would flourish and we would overtake China in a cloud of dust with a tax rate of just 17%.
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