Quantcast
Connect with us

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

Published

on

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.

ADVERTISEMENT

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.

ADVERTISEMENT


Report typos and corrections to: [email protected].
READ COMMENTS - JOIN THE DISCUSSION
Continue Reading

Breaking Banner

Watch Anderson Cooper use the long-form of ‘BS’ while shutting down Rod Blagojevich on CNN

Published

on

MSNBC anchor Anderson Cooper was visibly angered by claims made by former Illinois Gov. Rod Blagojevich during a Friday evening CNN interview.

Blogojevich was sentenced to 14 years in federal prison for corruption while in office that included attempting to sell the U.S. Senate seat vacancy created when Barack Obama was elected president. His sentence was commuted by President Donald Trump.

Cooper lectured Blogojevich for getting sued while governor over a backlog of 3,000 clemency cases.

The CNN anchor described it as "a little ironic and frankly a little sad and pathetic and hypocritical."

Continue Reading

Breaking Banner

Judge rules against Devin Nunes in $9.9 million lawsuit over the salacious Steele Dossier

Published

on

Rep. Devin Nunes (R-CA) suffered a legal setback after losing a major lawsuit he had filed.

"A federal judge has tossed out a racketeering lawsuit House Intelligence Committee Chairman Devin Nunes filed last year against the private investigation firm at the heart of the Trump-Russia saga," Politico reported Friday evening.

"Alexandria, Virginia-based U.S. District Court Judge Liam O'Grady's two-page order made short work of Nunes' suit, which sought $9.9 million in damages from Fusion GPS, its founder Glenn Simpson and a nonprofit watchdog group, Campaign for Accountability," Politico explained. "The judge also signaled that pressing on with the legal battle could result in sanctions against Nunes and his attorney, Steven Biss."

Continue Reading
 

2020 Election

Devin Nunes is livid at report he helped Trump’s White House: ‘Who the hell is leaking this?’

Published

on

The ranking Republican on the House Intelligence Committee is suing Washington, DC's hometown newspaper.

Rep. Devin Nunes (R-CA) announced that he was suing The Washington Post during a Friday appearance on Fox News.

“A senior U.S. intelligence official told lawmakers last week that Russia wants to see President Trump reelected, viewing his administration as more favorable to the Kremlin’s interests, according to people who were briefed on the comments,” The Washington Post reported Thursday. “Trump learned about Pierson’s remarks from Rep. Devin Nunes (Calif.), the committee’s ranking Republican and a staunch Trump ally, said one person familiar with the matter.”

Continue Reading
 
 
close-image