One debt reduction plan: Get billions in uncollected taxes MiamiHerald.com
At a time when higher taxes or deeper government spending cuts seem to be the only options available to close the gaping federal deficit, going after more than $400 billion a year in uncollected taxes should be a no-brainer.But in the nation's capital, the so-called "tax gap" hardly rates a mention in the official discussion of America's fiscal woes.
In government parlance, the "tax gap" is the difference between the taxes owed and what's actually paid on time. In their most recent analysis, from 2001, the Internal Revenue Service estimated that only about 84 percent of federal taxes were voluntarily paid on time that year, leaving a gross tax gap of $345 billion, or roughly 16 percent, uncollected.
Late payments and IRS collection efforts brought in another $50 billion, which cut the net tax gap to $290 billion in 2001. But similar estimates point to a gross tax gap of $410 billion to $500 billion in 2010, said Benjamin Harris, a research economist at the Brookings Institution, a center-left research group.
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Bills.com Offers “Top 10” List of Financial Resolutions for 2009 Move away from credit cards and avoid going into debt, especially for daily, routine and ongoing purchases. Write checks or use automatic bill payments for |
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Financially Thinking: IRS is helping financially distressed taxpayers - Portsmouth Herald News Financially Thinking: IRS is helping financially distressed taxpayers For example, the amount of an eliminated or reduced debt obligation has typically been considered to be taxable income. The Mortgage Debt Relief Act of 2007 |
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CKMC cuts workforce 10-15 percent - Great Bend Tribune CKMC cuts workforce 10-15 percent The hospital's management team, administrators and employed physicians are taking a 10-percent reduction in total compensation. As for the nursing staff, |
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Dow Tumbles 4.8% for the Week Morgan Stanley sees it differently, emphasizing a sharp reduction in the size of its balance sheet and higher capital ratios. A Smith Barney deal would |
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Blumenthal: Beware of debt-reduction companies - Connecticut Post Blumenthal: Beware of debt-reduction companies He called Blumenthal's proposal "a very important piece of legislation" at a time when Connecticut is in the top 10 states for rates of foreclosure. |
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1099 c cancellation of debt form - Debt < BondsDebt.net
Page 1 of 4 Instructions for Forms 1099-A and 1099-C (2011) 13:04 - 29-OCT-2010 ... issue a Form 1099-C if that creditor's part of the canceled debt is ...
