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Trump lost $34 billion in corporate revenue by cutting IRS budget by $13 billion: study

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Internal Revenue Service budget cuts enacted by President Donald Trump’s administration are responsible for the loss of tens of billions of dollars in revenue, according to a new report.

A study from Indiana University Kelley School of Business found that the IRS could have collected an additional $34.3 billion or more from the country’s largest companies.

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USA Today noted that the figure represents “nearly 20% of the estimated gap between what corporations paid in taxes and what they owed from 2002 through 2014.”

From USA Today:

Researchers looked at confidential IRS audit data from large, publicly-traded corporations for tax returns years 2000 through 2010. They estimated the government could have collected an additional $34.3 billion in taxes from those filings if they’d had $13.7 billion in additional resources.

And that estimate of lost revenue is potentially only a fraction of what the amount would have been if the study had included audit data from other businesses, individuals and foreign taxpayers.

Casey Schwab of the Kelley School of Business attributed the losses to a reduction in the scope of audits.

“While the IRS appears to still target the most aggressive positions, they can’t audit as many positions within the return. They just don’t have the resources,” he explained.


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Vehicles being used as weapons against protesters is ‘the new normal in 2020’: CNN

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CNN's Don Lemon on Friday evening devoted a segment to the rash of incidents in which people have driven through Black Lives Matter protesters in the same manner that killed Heather Heyer at the fatal 2017 "Unite the Right" rally in Charlottesville, Virginia.

"Vehicles used as weapons," Don Lemon began. "You heard me right, vehicles are being used as weapons against Americans taking to the streets in Black Lives Matter protests in cities across this country."

CNN correspondent Evan McMorris-Santoro reported shocking scenes captured on camera of vehicles running down protesters are "common now."

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Trump to ignore Ruth Bader Ginsburg’s dying wish and appoint Amy Coney Berman: reports

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President Donald Trump intends to name Judge Amy Coney Barrett to the Supreme Court, US media reported Friday, who if confirmed would cement a solid conservative majority on the high court.

The president said this week he will announce his pick to replace the late Ruth Bader Ginsburg on Saturday, and various media outlets said it would be the 48-year-old conservative judge.

Citing sources close to the process, various media outlets, including The New York Times and CNN, said Trump would nominate Barrett.

If she is confirmed the court would shift to a 6-3 conservative majority.

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2020 Election

Trump tells supporters he won’t be ‘stupid’ enough for peaceful transition of power if he loses

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President Donald Trump continued to spread debunked conspiracy theories about the 2020 presidential election during a Friday night campaign rally in Virginia.

Trump argued that it was impossible for him to lose the election, thus concluding he would be "stupid" to hand over power peacefully should he lose.

"We not gonna lose this, except if they cheat," Trump falsely claimed about the 2020 campaign, where he trails Joe Biden in national and battleground polling.

"That's the only way we're gonna lose is if there's, uh, mischief," he argued. "And it will have to be on a big scale."

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