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Thu Mar 26, 2020, 01:51 PM

Explainer: Hobbled IRS tax agency may need months to get cash to Americans

Last edited Thu Mar 26, 2020, 03:18 PM - Edit history (1)

BUSINESS NEWSMARCH 26, 2020 / 11:11 AM / UPDATED 3 HOURS AGO

WASHINGTON (Reuters) - In order to put recession-fighting checks into the hands of millions of Americans, the U.S. government will rely on a tax agency that has fewer workers, a smaller budget and the same 1960s-era computer systems it had the last time it was asked to do so.

Hollowed out by budget cuts and hobbled by obsolete technology, the U.S. Internal Revenue Service has struggled over the past decade. Audits have dropped and taxpayer service has suffered, agency figures show.

Now Congress and the Trump administration are piling on more work as they scramble to contain the fallout from the coronavirus, which threatens to plunge the world’s largest economy into recession.

The U.S. Senate approved a massive stimulus bill on Wednesday that would provide payments of up to $1,200 to millions of Americans. It also includes a range of tax breaks for businesses and individuals. The House of Representatives is expected to pass it on Friday.

Reporting by Andy Sullivan; Editing by Heather Timmons, Daniel Wallis and Dan Grebler

https://www.reuters.com/article/us-health-coronavirus-usa-irs-explainer/explainer-hobbled-irs-tax-agency-may-need-months-to-get-cash-to-americans-idUSKBN21D2II

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Reply Explainer: Hobbled IRS tax agency may need months to get cash to Americans (Original post)
turbinetree Mar 2020 OP
Eliot Rosewater Mar 2020 #1
Proud Liberal Dem Mar 2020 #2
C_U_L8R Mar 2020 #3
Brother Buzz Mar 2020 #4
Yo_Mama_Been_Loggin Mar 2020 #5
MisterProton Mar 2020 #6

Response to turbinetree (Original post)

Thu Mar 26, 2020, 01:53 PM

1. Bannon and Putin orders were to decimate our country, our infrastructure, our institutions

and that is what they did, now they are going to kill a whole bunch of us...

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Response to turbinetree (Original post)

Thu Mar 26, 2020, 01:56 PM

2. Elect Trump/GOP

THIS is what you get. Oh yeah, having dismantled and hollowed out government is all fun and games until something like this happens and now we have secondary and tertiary crises and likely additional waves of crises unfolding from it.

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Response to turbinetree (Original post)

Thu Mar 26, 2020, 01:58 PM

3. More Trump bungling.

What an incompetent moron. He can't do anything with out breaking something.

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Response to turbinetree (Original post)

Thu Mar 26, 2020, 02:01 PM

4. The orange anus already has a fix:

Send the damn checks out to only swing states and save a ton of money. Simple, no?

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Response to turbinetree (Original post)

Thu Mar 26, 2020, 03:08 PM

5. So much for Mnunchin's promise of early checks

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Response to turbinetree (Original post)

Thu Mar 26, 2020, 03:28 PM

6. This is why the fed was looking at creating a "Dollar-Coin" cryptocurrency

Not sure if it made it into the final relief bill, but it used to be there in earlier revisions.

When it finally does get implemented, people can just download an app on their phone, and the money could be pushed to everyone in seconds.

It's no coincidence that the head of the Treasury department - Steve Mnuchin worked with, and is good friends with Brian Brooks, Chief Legal Officer of "Coinbase" - the largest crypto-exchange in the US.

More info here - &t=396s

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