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Administration ramps up outreach on child tax credit

The IRS is sending out letters to taxpayers who may be eligible based on information it has from tax returns and distributing stimulus checks, among other measures.

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Leak of billionaires' tax data draws GOP outcry over privacy

WASHINGTON (AP) — Republicans in Congress are alarmed by the leak of confidential IRS...

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US investigates leak of records showing billionaires pay little tax

US investigates leak of records showing billionaires pay little tax
ProPublica report measures tax take against total welath rather than income
about 2 hours ago
Andrew Edgecliffe-Johnson
Amazon CEO Jeff Bezos is among the billionaires whose tax details have been published. Photograph: Sajjad Hussain/AFP via Getty Images

US tax authorities have launched an investigation into a leak of private records of billionaires including Warren Buffett, Jeff Bezos, Mike Bloomberg, George Soros and Elon Musk that showed many of them have paid little tax even as their wealth ballooned.
ProPublica published details of what it called “a vast trove of Internal Revenue Service data” covering more than 15 years of tax returns from thousands of the wealthiest Americans. The non-profit investigative journalism outlet did not disclose the source of the leak.

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IRS to the rescue? Tax audits eyed for infrastructure cash

WASHINGTON (AP) — Republicans say they won’t raise taxes on corporations. Democrats...

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Helping the tax cheats

There are some really bad ideas that seem to have traction these days. The notions that the election was stolen or that defunding police can improve law enforcement are good examples. The thought that we can have a country, a military, highways or government without taxes may be the most damaging of all.
This Monday, May 17, is the day our federal income taxes are due. Most of us dutifully pay our fair share. Enabled by the U.S. Congress, many of the wealthiest Americans and some of our largest corporations engage in blatant fraud. Some will pay nothing.
Due to 40% budget cuts since 2010, the IRS can no longer administer tax laws. The Internal Revenue Service now has 21,000 fewer workers than it did in 2010 â and more responsibilities. There is a backlog of over 29 million tax returns that await processing.

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More IRS Funding Means the Wealthy Can Only Hide Hundreds of Billions

Biden's plan to reclaim $780 billion over 10 years would close about 8% of a collection gap that the IRS chief says could be as high as $1 trillion.

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The monthly stimulus checks for families will start in July, IRS now says

The monthly stimulus checks for families will start in July, IRS now says
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There Could Be up to $1 Trillion in Taxes Not Getting Collected

In a Senate Finance Committee hearing, IRS Commissioner Charles Rettig addressed the tax gap.
That's the gap between how much is owed in taxes and what's actually collected.
Rettig said the gap could possibly exceed $1 trillion a year, far higher than the official estimate.
While the IRS' current official estimate of the tax gap —
taxes
owed but not collected — is $441 billion, the actual number could be a lot higher.
"I think it would not be outlandish to believe that the actual tax gap could approach and possibly exceed $1 trillion per year," IRS Commissioner Charles Rettig said in a Senate Finance Committee hearing on Tuesday.

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