Cheaters

Democrats are scaling back a proposal that would help the IRS crack down on people and businesses who owe taxes. The original plan called for requiring bank deposits and withdrawals totaling over $600 to be reported. Now, the threshold would be $10,000.

President Joe Biden’s social and safety net spending plans were to be funded in part by increased IRS enforcement to collect unpaid taxes — raising revenue by closing the “tax gap.” That’s “the difference between taxes that are paid and taxes that should have been paid,” explained Steve Rosenthal with the Urban-Brookings Tax Policy Center.

The government fails to collect around 15% of taxes that are owed each year, said Natasha Sarin with the U.S. Treasury Department.

“That was about $600 billion last year,” she said, adding that most of that is from the very wealthy. “The top 1% are responsible for almost 30% of unpaid taxes in this country.”

Forcing dishonest taxpayers to pony up is a big part of the Biden administration’s plan to fund social programs.

“It is a critical pillar to pay for the plan,” said Chuck Marr with the Center on Budget and Policy Priorities. But he said that increasing the reporting threshold to $10,000 won’t make much of a difference, because the IRS has the most to gain from collecting on wealthy tax cheaters.

“The target is for people who are higher up,” Marr said.

For this to work, the IRS is also going to need more resources. Rosenthal with Urban-Brookings points out that the IRS has taken on a lot of new programs lately, like monthly child tax credit deposits and “COVID relief — we’re asking too much and giving the IRS too little,” he said.

So the plan includes a bigger budget for more auditors and computer technology to catch evaders and make them pay.

Stories You Might Like

img width="350" data-src="https://www.marketplace.org/wp-content/uploads/2021/01/GettyImages-1208429280.jpg?w=350"">Some delayed stimulus payments may not arrive until you file 2020 taxes img width="350" data-src="https://www.marketplace.org/wp-content/uploads/2017/06/GettyImages-80685705.jpg?w=350"">The powerful interests fighting tax simplification img width="350" data-src="https://www.marketplace.org/wp-content/uploads/2017/11/deathtax_2.jpg?w=350"">Killing the "death tax": Is it fair? img width="350" data-src="https://www.marketplace.org/wp-content/uploads/2021/03/Tax-Form-2020.jpg?w=350"">Your tax questions, answered img width="350" data-src="https://www.marketplace.org/wp-content/uploads/2017/12/GettyImages-470401587.jpg?w=350"">You must have an assessment if you want to pay your 2018 taxes early, says IRS img width="350" data-src="https://www.marketplace.org/wp-content/uploads/2020/03/GettyImages-1301563.jpg?w=350"">What you need to do to get your COVID-19 stimulus check

We’re here to help you navigate this changed world and economy.

Our mission at Marketplace is to raise the economic intelligence of the country. It’s a tough task, but it’s never been more important.

In the past year, we’ve seen record unemployment, stimulus bills, and reddit users influencing the stock market. Marketplace helps you understand it all, will fact-based, approachable, and unbiased reporting.

Generous support from listeners and readers is what powers our nonprofit news—and your donation today will help provide this essential service. For just $5/month, you can sustain independent journalism that keeps you and thousands of others informed.

Source : https://www.marketplace.org/2021/10/20/whats-the-best-way-to-get-tax-cheaters-to-pay-up/

787
Activision takes on Call of Duty: Vanguard, Warzone cheaters with Ricochet

Source:SlashGear

Activision takes on Call of Duty: Vanguard, Warzone cheaters with Ricochet

Call of Duty: Warzone players are too fed up with cheaters to protest kernel level anti-cheat

Source:PC Gamer

Call of Duty: Warzone players are too fed up with cheaters to protest kernel level anti-cheat