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Bill USA

Profile Information

Member since: Wed Mar 3, 2010, 04:25 PM
Number of posts: 3,375

About Me

Quotes I like: "Prediction is very difficult, especially concerning the future." "There are some things so serious that you have to laugh at them.” __ Niels Bohr Given his contribution to the establishment of quantum mechanics, I guess it's not surprising he had such a quirky of sense of humor. ......................."Deliberate misinterpretation and misrepresentation of another's position is a basic technique of (dis)information processing" __ I said that

Journal Archives

Taxpayers Underpaid The IRS By $385 Billion In 2006, Agency Says

We could help the deficit situation a good deal just by collecting the taxes that are owed us.

Huffington Post

{all emphases are my own_Bill USA}
WASHINGTON — People and businesses underpaid their taxes by an estimated 17 percent in the most recent year studied, failing to send the government a massive $450 billion that it was owed, according to an Internal Revenue Service report released Friday.

The study covered 2006, the most recent data the IRS said was available. The amount of underpaid taxes far exceeded the size of the entire federal budget deficit at the time.

After IRS audits and other enforcement efforts, non-compliance in 2006 shrank to 14 percent. That left the final amount of unpaid taxes at $385 billion, the agency said.

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.... the total of unpaid taxes in 2006 was larger than that fiscal year's budget deficit of $248 billion.
<more>


To bridge the deficit, collect some taxes - Reuters

At a time when the U.S. government needs every dollar of revenue it can get, alarm bells should be sounding in Washington about a new IRS study showing that the Treasury is losing a fortune to tax evasion.

The study, released last Friday, found that the government missed out on $385 billion in uncollected taxes in 2006, the most recent year for which the IRS has complete data. If we extrapolate the IRS’s assumption that the U.S. government only collects about 85 percent of total tax liabilities, the revenue lost by the Treasury in the past decade exceeds $3 trillion.

That is serious money–nearly equal to all the new federal debt incurred during the Bush years. And without tougher action against tax cheats, the U.S. government stands to lose trillions more over the next decade.

Many of the biggest tax cheats are wealthy earners. While most working stiffs–the W-2 crowd–get their taxes automatically withheld from their paychecks, business owners and self-employed professionals have lots of ways to cheat. And cheat they do: Unpaid taxes by businesses and corporations accounted for nearly half of the total tax gap in 2006.
<more>

Finally, Obama 'get's real' in talking to Repunks- GOP r "licking their chops" at higher gas prices

Obama accuses GOP of playing politics with higher gas prices - The Hill


President Obama railed against Republicans on Thursday for “licking their chops” and using a spike in gas prices as a political opportunity.

Appearing at the University of Miami in a high-profile speech on energy, Obama aimed to deflect the criticism his administration has received for its energy policies and for higher gas prices.

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“Only in politics do people greet bad news so enthusiastically,” Obama said before a crowd of students.

“You pay more and they’re licking their chops? And you can bet since it’s an election year, they’re already dusting off their three-point plans for $2 gas. I’ll save you the suspense: step one is drill, step two is drill, and step three is keep drilling.

“We heard the same thing in 2007 when I was running for president,”
he continued. “We hear the same thing every year. We’ve heard the same thing for 30 years.”
<more>

Romney's Budget Plan: $6 TRILLION in Lost Revenue over next decade (Tax Policy Center) - USA Today

Romney's Budget Plan doesn't Balance

The Republican front-runner has shown no sign of producing a credible plan to "get America to a balanced budget," as he promised in his Florida victory speech.

Most editorials are accompanied by an opposing view — a unique USA TODAY feature that allows readers to reach conclusions based on both sides of an argument rather than just the Editorial Board's point of view.
Romney's fiscal proposals are only slightly less fantastic than the moon-colony plans of rival Newt Gingrich. Romney mixes massive and immediate tax cuts with smaller spending cuts, the biggest of which would be phased in over time. Collectively, they would make the deficit bigger over the next decade, not smaller.

Romney would make the so-called Bush tax cuts permanent, slash the top corporate income tax from 35% to 25%, eliminate the tax on inherited wealth and eliminate the tax on capital gains, dividends and interest for people making less than $200,000 a year. These and other tax cuts would reduce annual revenue by $600 billion in 2015, according to the non-partisan Tax Policy Center. That would translate to roughly $6 trillion in lost revenue over the coming decade.

Manufacturing growth fastest since June; construction spending up for 5th straight month - WaPo

Washington Post

<all emphases are my own, Bill USA>

By Associated Press, Published: February 1

WASHINGTON — U.S. manufacturing activity grew in January at the fastest pace in seven months, boosted by a rise in new orders. And builders ended a poor year for construction by spending more on homes and projects for the fifth straight month.

<continuing, the article points out that other reports also show a strengthening U.S. economy:>

The Institute for Supply Management, a trade group of purchasing managers, said Wednesday that its manufacturing index rose last month to 54.1 from 53.1 in December. Readings above 50 indicate expansion.

Consumers are buying more cars and trucks, while businesses ordered more machinery and other equipment. That has driven manufacturing, which expanded for the 30th straight month.

Both new orders and order backlogs rose to nine-month highs. Increasing order backlogs suggest manufacturers are lacking the capacity to meet demand. That could mean more growth in production and employment in the near future, economists said.
(more)



the fact that manufacturing has expanded for 30 straight months is kindof amazing considering the great efforts of the GOP to down-size any and all stimulus measures offered by the President. They successfully used the threat of filibuster to get the ARRA downsized with tax cuts (for people worried about their job security, meaning such cuts weren't spent but saved or used to pay down debt - no stimulus power there). By forcing cuts to States they caused layoffs of State and municipal workers (e.g. policemen, firemen, teachers) reducing demand further which helped GOP efforts to protect the Great Recession from whatever stimulus Obama could get through Congress.

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