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Thread: IRS overpaid up to $13.6B in low-income tax credits, report finds

  1. #1
    Senior Member luvmylabs23139's Avatar
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    Default IRS overpaid up to $13.6B in low-income tax credits, report finds

    I think this is the stuff they should start auditing! Talk about rampant fraud.

    The Internal Revenue Service (IRS) overpaid between $11.6 billion and $13.6 billion in tax credits designed to help low-income families in fiscal 2012 , the Treasury Department announced in a report released Monday.
    The overpayments account for 21 percent to 25 percent of the tax credits issued under the Earned Income Tax Credit (EITC), the IRS estimated.


    Read more: http://thehill.com/blogs/regwatch/ad...#ixzz2REYTOhkK
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    Senior Member Gerry Clinchy's Avatar
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    Maybe the Ds will finally pay attention to the waste in govt? Today Fox reports that Sen. Claire Gaskill (D) was solicited for a free cell phone at her apartment. She actually realized that her apartment building would not be the kind of place you'd expect to find the kind of people who would be eligible for a free cell phone!

    Apparently, the companies providing this service cannot verify the eligibility of about 41% of the phones they've put out there. And now they're finding these untraceable phones at crime scenes and drug deals. 270,000 people with these phones have more than one!

    Started with home phones with good intentions for poorer people to have emergency phone service (by Ronald Reagan), the cost has grown from $143 million a few years ago to $2.2 billion now. FINALLY, someone has noticed that govt programs can run amuck with nobody watching the store.

    So, with the IRS news above this is about $15+ billion that is totally, totally fraud and/or waste. God knows how much more if they actually start looking for it in the rest of the budget.

    It begins to look like the 2nd Obama administration is going to be assailed on all fronts ... while he and Congress are trying to make a case for higher taxes because we can't shortchange the poor and the education of our children. They begin to look very foolish.
    G.Clinchy@gmail.com
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