Posted on 05/14/2014 10:57:32 AM PDT by TurboZamboni
The U.S. government doled out more than $13 billion last year in improper payments of a tax credit meant to help the working poor, according to a government watchdog. One of the country's largest cash assistance programs, the so-called Earned Income Tax Credit (EITC) allows low-income workers to lower their tax bill by as much as $6,000, which in many cases prompts a significant refund check. But the Internal Revenue Service estimates that around a quarter of all payments made for the tax credit in the 2013 fiscal year were issued improperly -- resulting in anywhere from $13.3 billion to $15.6 billion in faulty payments, according to a report released by the Treasury Inspector General for Tax Administration (TIGTA).
(Excerpt) Read more at money.cnn.com ...
wow
There are no accidents.
• In 2012, according to the left-leaning Daily Kos, “The Internal Revenue Service issued $4 billion in fraudulent tax refunds in 2012 to people using stolen identities, with some of the money going to addresses in Bulgaria, Lithuania and Ireland, according to a Treasury report released in 2013.” Your hard-earned dollars ... off to Bulgaria!
• In 2012, the IRS sent 2,000 tax refunds, totalling $3.3 million, to the same address in Lansing, Mich.
they’re getting better on their redistribution of the wealth
Most of these refunds went to Obama constituents, so nothing will be done, of course.
The EITC is a terrible program. First..a lot of people cheat. They work part of the time on the books..up to the limit and then the rest for cash which they don’t report. This happens in our extended family,,never mind the illegals and foreigners that get it. Next, it gives a lump sum large refund to people who already have problems with financial responsibility. Many of them go out and buy a new big screen tv. It shouldn’t be a one shot lump sum.
If the law allowed the IRS to wait until a w2 arrived before the refund was sent..it would eliminate some of the fraud, but Congress won’t allow that..got to have the LIV’S get their checks fast.
WTH? Let me forget one form and they will be on me like white on rice.
If you visit any area next to the U.S./Mexican border you will see tax preparer offices. There are a gazillions of anchor babies born in the USA and living in Mexico. The parents get Earned Income Tax Credits even though the kids are not residents of the USA. They all live in tiny little mail boxes on the US side.
Is this is one of the many reasons why they got bonuses?
Don't forget the nearly $100,000,000 in new office furniture for the IRS.
That and they vote the right way.
You called that right.
More reparations?
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