Thoughts on progressive issues in Texas, the U.S. and the world.
Sunday, April 17, 2011
Republicans claim savings as they let tax cheats off the hook for 9 times as much
Last week the Republicans were crowing about the $38 billion they cut out of the 2011 federal budget, but what they didn’t tell you was that they’re also letting $330 billion in taxes go uncollected according to the Government Accountability Office. That’s right not only does G.E. legally not owe any income taxes on its $5.1 billion in U.S. profits because of loopholes in the tax code but the Republicans in Congress don’t even want to try to collect money that is legally owed.
How do they do it? Simple, they just don’t allow the IRS the requested funds to hire more agents. Rather than hire agents, a job that has a return of $10 for every $1 spent on salary the Congressional Republicans claim they’re saving $38 billion instead of bringing in $330 billion from tax cheats.
Of course most of that money is in the hands of high rollers such as the gentleman with a multi-million dollar home and luxury cars who owes $1 million in back taxes. Someone please explain to me how this is fiscally responsible.