To help detect unreported income and narrow the gap between federal taxes collected and owed, the Biden administration has proposed expanding annual reporting requirements for banks and other financial institutions to include the total amounts of money flowing in and out of all business and personal accounts worth at least $600.
Asked whether he believes federal law requires him to give Congress his tax returns, President Donald Trump responded, “There’s no law whatsoever.” He’s wrong about that.
A website known for spreading misinformation writes that a man who cited religious reasons for not paying his income taxes “has won an historic lawsuit against the IRS.” That’s misleading. One charge was dropped, but four others have yet to be determined.
Sen. Ted Cruz has repeatedly gotten basic facts about the Internal Revenue Service wrong when delivering one of his favorite applause lines, calling for its abolition.
Former New York Mayor Rudy Giuliani praised New Jersey Gov. Chris Christie for holding “people accountable who were responsible” for the “stupid” bridge lane closings — adding that’s something President Barack Obama “failed to do with Benghazi” and “failed to do with the IRS.”
It’s that time of year again when we look back — perhaps not so fondly — on the most noteworthy nonsense from the past 12 months.
An ad calling for the abolishment of the IRS incorrectly claimed that the federal agency’s budget increased by $2 billion. In fact, it’s down by nearly $1 billion during President Barack Obama’s first term.
The House Oversight Committee chairman and the ranking Democrat are overreaching in recent statements about the committee’s investigation of the IRS.
While there has been plenty to find fault with in the revelation that the IRS targeted some tea party groups seeking tax exempt status, some of the Republican rhetoric has been an overreach.
IRS officials gave false or misleading information on numerous occasions regarding its now discredited practice of targeting conservative groups that sought nonprofit status.