Obama’s IRS doled out more than $24 billion in potentially bogus refunds

time to end all foreign tax shelters - that is a far better way to end fraud, corporate welfare, and the nation's debt

 

Much of this is because of identity theft:


http://www.cnbc.com/2015/02/11/tax-...billion-and-theres-little-the-irs-can-do.html


Before you criticize Obama, you need to be aware that incorporation is governed by the states, not the IRS. Identity thefts are crimes subject to state law, not necessarily federal. Further, as shown in the article, the IRS has been subjected to funding cutbacks and its oversight abilities limited as a result. If the states did a better job of protecting consumers from identity theft, the IRS would not issue some of these refunds to those crooks.

 

EITC. AKA: Wage Subsidy. AKA: Transfer Payment. AKA: Welfare.

 

EITC.

Enacted in 1975 under Republican Gerald Ford.

 

Disagree here...

I think in my 25 years of home ownership, I only deducted mortgage interest once vs taking the standard deduction. I still remember being shockingly disappointed back in 93 when I filed went to the tax guy with my "new" deduction only to find out that it didn't save me a friggen penny. These days with currently very low interest rates,for regular people the standard deduction is almost always higher than the total interest paid. IMO the only ones that really benefit from this are the higher income types.

I see no incentive to borrow from banks at all unless i'm carrying a 4-500K note (which will never happen)

IOW, I don't think the people that can't afford a home are missing out on a dam thing unless interest rates double.


I'm more inclined to support a flat tax with little or no deductions except maybe a flat 20K or preferably a consumption tax myself to get taxes off all that underground income.

 

All that needs to be figured out is hat rate and if there will be a food exemption.

 

I'd really like to see reform on the EITC, the fraud rates are incredibly high and this isn't a new thing, its been known for some time.

Oddly enough politifact only says its "half true" which I think is a halfassed answer, and this was 3 years ago.

http://www.politifact.com/truth-o-m...aul-says-earned-income-tax-credit-has-25-per/

 

The FairTAX features a "prebate", which refunds taxes paid on food and other necessities. People who are just scraping by pay no effective tax, they get a government check to compensate.

 

food exemptions already exist and its a pretty comprehensive list IIRC.

 

Sure. Conservatives cut IRS enforcement spending by 27% and then bitch that its not doing as good a job.

Same old same old.

 

IRS auditors reduced by Congressional budget:


http://www.chicagotribune.com/news/nationworld/ct-irs-audits-budget-cuts-20170305-story.html



Republicans in Congress began cutting money at the IRS after they took control of both the House and Senate in the 2010 elections.






Even though this was done by Republicans in Congress, the OP and forum right wingers blame Obama.

 

I think your confusion is based in not understanding how mortgages work. If you did, you would understand that the amount of interest paid is dramatically higher in the first 10 years, as little of the payment is going towards principle. This is part of the way that mortgage brokers sell re-finance loans, in order to boost the mortgage interest deduction. I also think you fail to understand the obvious fact that some mortgages are obviously dramatically higher than yours. The more expensive the home, the more poor people are being asked to subsidize it, via this deduction.

Also, if you think this deduction is not a big deal, find me ONE politician, from either party, that wants to get rid of it. This is literally the one thing that allows most Americans to even itemize their deductions at all.

On a side note, the Trump tax plan would double the standard deduction, making your claims about past situations become the new normal going forward. Pretty much everyone would file the EZ form with a doubling of the deduction.

 

You should pay for schools because you also benefit from the nation not being comprised of uneducated idiots. (This would work better if we gave that money to parents, instead of schools, however.)

Discussing taxes is exactly what we are doing. Nobody is stopping us. What are you on about?

 

I certainly understand them just saying that its not used universally so its importance is overstated because the interest doesn't exceed the deduction on most mortgages except for the ones that are quite large. (70% of tax returns take the standard deduction) Now that may change when interest rates rise but in the meantime it will be used on less than 1/3 of the returns.

FYI, I couldn't care less if the poor "subsidize" the deduction, the rest of us subsidize the poor every single day. They aren't subsidizing a dam thing if they are not paying federal income tax. I'll gladly trade the mortgage interest deduction for the EITC and its high rate of fraud.

https://taxfoundation.org/who-itemizes-deductions/

anyway, i'm in favor of a straight deduction, perhaps higher than current, and eliminate the rest, help recover revenue lost with the wealthy that play tax games.

 

You are just factually incorrect. The overwhelming majority of Americans itemize and take the mortgage interest deduction.

You don't seem to understand the point. It's the WORKING poor who are subsidizing the wealthy home owners. People who don't work, don't pay taxes, bro. If YOU are not taking the mortgage tax deduction, then YOU are also subsidizing the wealthy home owners.

I am also against the EITC. If we want to give them money, then give them money. This hoax of a tax deduction is only a factor for people who pay almost no taxes.

 

in that case, the website is wrong.

https://taxfoundation.org/who-itemizes-deductions/

Also I guess I need to figure out how to get divorced and upside down on my mortgage asap.

ps. the EITC is a credit, not a deduction, if it was a deduction i'd be fine with it.

 

i do not benefit from them, not sure what the complaint about talking taxes about, maybe a misread.

my point is, anyone can justify why taxes are not fair, but thats life too

 

So, in your mind, your level of personal success would be the same if you lived in say, Zimbabwe (or any country with zero education)?

This isn't a left/right issue, that the public should be educated. This is a common sense issue, that literally has ONE person on your side.

 

i have no idea what you are yammering about. this was about taxes

 

You are claiming to have no benefit to yourself from living in a nation where everyone else is educated. Literally no human, aside from you, takes that position. Just sayin...

 

no i was talking about taxes.

 

Maybe start using complete sentences, punctuation and capital letters, if you are being misunderstood. That is literally the point of them, to make things more clear.

You said education taxes were thought to be unfair by single people, and literally nobody takes that position. It was a poor choice as an example. It wasn't worth this much back forth though, that's for sure.

 

I take that position, if you dont like it tough. I all hear from RWers is complaining their taxes pay for this and that and it isn't fair. I suggest you grow up and realize life isnt fair!!!

 

Poor inefficient use of their time shouldn't be rewarded with more money. Government unions at all levels need to be eliminated so the labor can be used to their full potential.

SEC and Pornography: Workers Spent Hours on Porn Sites Instead of Stopping Fraud

Child pornography found on Assistant U.S. Attorney’s computer...........Last year 33 employees at the Securities and Exchange Commission were found to have viewed pornography on the taxpayer’s dime without receiving harsh discipline.

I can only wonder what's going on over at the IRS? I guess targeting conservatives was more important than doling out $24 billion in potentially bogus refunds.

 

Would that include the "victims" of financial inequality too? Should they grow up and realize life isn't fair too?