Saturday, August 13, 2011

Create Jobs - Starting at the IRS

Now even conservative economists agree that creating jobs, rather than reducing federal spending, should be our priority.  At the same time congress won’t raise taxes, close loop holes or borrow money to stimulate job growth. What’s a country to do? 

Here’s an idea:  Double the IRS so it can go after wealthy and corporate tax cheats. 

Everyone knows our tax structure favors the rich.  We also know that corporations and rich folk hold no special regard for paying taxes, but the tax code does give them more opportunities to scheme.  Every IRS agent hired to audit wealthy and corporate tax returns would surely recover more in unpaid taxes then their annual salary, so the plan costs us nothing.  When companies like GE make billions in profits, submit a 22,000 page tax returns and claim to owe nothing, the IRS could actually scrutinize that claim.  When the ultra-rich stuff hundereds of fancy deductions in their returns, the IRS might have the staff to see if each deduction is actually allowed.  Forget for now the battle to raise taxes or close corporate loop holes.  Just collecting what everyone owes might be enough to get the rest of us back to work.    

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