The Homa Files

Another fine example of our government in action …

A report from the Treasury Department’s Inspector General for Tax Administration counts 56 tax provisions in the Stimulus bill with a projected cost of $325 billion. Of those 56, 20 are tax breaks for individuals and 36 are for businesses.

The problem, the Inspector General says, is the IRS can’t verify taxpayer eligibility “for the majority of Recovery Act tax benefits and credits.”

For individual taxpayers, 13 of the 20 benefits and credits can’t be verified; for businesses, it’s 26 of 36.

In other words, Treasury finds that the biggest chunk of the $325 billion in stimulus package tax breaks can’t be adequately tracked to protect against fraud.

IBD, How Corruption Stalks The Stimulus, 12/23/2009
http://www.investors.com/NewsAndAnalysis/Article.aspx?id=516173

This entry was posted on January 4, 2010 at 7:35 am and is filed under Stimulus Bill, Taxes. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.