Letter: Top Conservatives Write to McConnell About Slashing IRS Funding businessinsider.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from businessinsider.com Daily Mail and Mail on Sunday newspapers.
The Treasury Department told Congress last month that under-collected taxes are on track to total $7 trillion over the next decade, or about 15% of total tax revenues that would be owed under the law, thanks in part to budget cuts over the past decade that have sharply scaled back audits.
Deputy Assistant Secretary Mark Mazur recently explained to Congress that this trend has negative consequences, including higher tax rates elsewhere in the economy that is, the costs are borne by people who follow the rules as well as the fact that “persistent non-compliance also undermines confidence in the fairness of our tax system.”
Last week, New York City passed its largest budget ever, about $99 billion, bolstered by $14 billion in federal pandemic aid that will be used in nearly every facet of the city’s finances, like an infusion of cash needed to cover budget gaps and an array of new programs, including youth job initiatives, college scholarships and a $1 billion backup fund for health emergencies.
Local officials, especially Democrats, have tried to leverage at least some of the windfall to address chronic social and economic problems that the coronavirus exacerbated.
After a series of community meetings in Detroit, Mayor Mike Duggan and the City Council opted for a plan that divided the city’s $826 million payout roughly in half, with about $400 million going to recoup Covid-19 losses, and $426 million to an array of job-creation programs, grants for home repairs and funding to revitalize blighted neighborhoods.
Ciudades y estados en EU, desesperados por gastan 350 mmdd
El paquete de estímulo que el presidente Biden convirtió en ley en el mes de marzo tenía la finalidad de estabilizar las finanzas
The New York Times
martes, 06 julio 2021 | 20:09
Washington.-Cuando Steve Adler, el alcalde de Austin, escuchó que la administración Biden planeaba otorgarle mil millones de dólares a estados y municipios a través del paquete de ayuda contra la pandemia por 1.9 billones de dólares, supo exactamente qué deseaba hacer con su parte.
El notable crecimiento de la capital de Texas, impulsada por el boom de la tecnología, desde hace tiempo ha sido opacado por el incremento de las personas que no tienen en dónde vivir, así que, los funcionarios locales ya habían acumulado 200 millones de dólares para un programa para ayudar a las 3 mil 200 personas que no tienen vivienda en Austin.
For decades, the story of corporate taxation has been a global race to the bottom. From 1985 to 2018, the average corporate tax rate worldwide dropped from 49 percent to 24 percent. The biggest single jolt came in 2017, when U.S. President Donald Trump signed the Tax Cuts and Jobs Act, slashing the American rate from 35 percent to 21 percent while expanding the amount of foreign income exempted from tax.
Official tax rates are only part of the story. Corporations have made increasing use of exemptions, incentives, and loopholes especially offshore tax havens, where, worldwide, around 40 percent of their profits now end up. Budgets of the U.S. Internal Revenue Service (IRS) and of other national tax authorities have been slashed, and corporate audits are getting lighter: the U.S. Treasury now estimates that audit rates for large corporations fell from 98 percent in 2010 to 49 percent in 2018. In April, news emerged that at least 55 of the United States’ largest multinationals inclu