IRS Needs Added Resources to attenuate the Exploding Tax Refund Fraud
In the Bloomberg Business Week magazine of January 13-19, 2014, they produced an article on the latest in Vice and Gangland activities. The latest Gangland gig is tax refund fraud. It does not require guns or violence or death or long jail terms. It just requires identity theft, a computer with tax software, and a little elbow grease. The take is in the $ millions for the local gangland member though $ billions in losses to the US Treasury. The hub appears to be Tampa and Miami Florida today but may be moving as local, state, and federal law enforcement personnel have concentrated their resources and expertise to slow down the latest crime wave in those areas. Given this loss of tax receipts in the billions of dollars and the diversion of IRS personnel to this effort, the IRS requires added resources. We recommend adding $4 billion to the IRS budget for FY 2014. $1 billion will be used to stem this fraud. The other $3 billion will be used, as we have discussed before, for additional audits and other collection activities designed to shrink our $450 billion tax gap to a more reasonable level. This single step will cut the current federal deficit by 33% to 67% depending on the results. Let the President and the Congress act now.
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May 21st, 2014 at 2:53 pm
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