$23 Billion Dollar Hole In This Bucket: How The 2016 Presidential Election Debates May Shift To Real Tax Issues

Two men went fishing.

One of the men brought a boat, and early one morning they took the boat out into the middle of a big deep lake.

One of the two men fell asleep, but he was startled awake by the sound of an auger.

The other man was drilling a hole in the bottom of the boat.

While often entirely avoided during the Presidential debates and tidbits we catch from mainstream media, taxes may hit home this year before voters head to the polls. Recent news has focused on politically correctness and where candidates land on today’s chart for cultural norms. However, every American knows the truth when it comes to our money and taxes – we would all rather path less than more.

A recent study by a watchdog group known as the Treasury Inspector General For Tax Administration found a horrific abuse of the property of every single tax paying American. Over $23 Billion dollars in wrongful tax credits in 2015.

Just reading the title of the report may send shivers down your spine if you’re a tax payer in this country. Of I might say we’ll hear complaints starting with those paying the most taxes, and then down from there. Those who pay no taxes will have no reason to think twice about this news.

Without Expanded Error Correction Authority, Billions of Dollars in Identified Potentially Erroneous Earned Income Credit Claims Will Continue to Go Unaddressed Each Year

What does this mean for the average American? Over $23 Billion dollars is literally being given away without question by the United States government. The system has degraded to the point where there is no difference between a false or a legitimate earned income credit claim.

While you are paying into this broken system, another person is withdrawing from it.

How many Americans will see this as a serious issue with the United States government and tax collection?

One thing is clear. The current administration can fully be blamed for the blatant theft of American tax payers money. The issue must not be important to the Obama administration and the history books will assuredly mark this failure as one of the most detrimental to the American economy – let alone world economy. If this were important, the issue would not now be $23 Billion dollars worth of an issue.

However, as is often the case, the problems created by one administration may be the weight put on the next President’s shoulders.

 

RESOURCES:

  • April 27, 2016: Treasury Inspector General For Tax Administration: Without Expanded Error Correction Authority, Billions of Dollars in Identified Potentially Erroneous Earned Income Credit Claims Will Continue to Go Unaddressed Each Year (PDF)

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