Americans will spend more than 8.9 billion hours and $409 billion complying with the tax code in 2016, according to a report from the Tax Foundation.
Inflation-adjusted federal tax revenues hit a record $2.14 trillion in the first eight months of fiscal year 2016, but the federal government still ran a $407 billion deficit during that time, according to the latest monthly Treasury Department statement.
The IRS has released a list of the tea party and conservative groups it targeted for additional scrutiny, the Washington Times reported.
The IRS has seized $43 million from more than 600 individuals by accusing them of violating “structuring” laws even when there has been no evidence of criminal wrongdoing, according to testimony heard at the House Ways and Means Committee today.
Republicans have launched an effort to impeach IRS Commissioner John Koskinen due to alleged misconduct, including failing to comply with a congressional subpoena and allowing emails to be destroyed.
The IRS erroneously paid out an estimated $15.6 billion in Earned Income Tax Credit payments in fiscal year 2015, according to a Treasury Inspector General for Tax Administration report.
Tom Coburn, the former senator currently leading a movement for a Convention of States, unloaded on Congress during a hearing before the Senate Committee on Homeland Security and Governmental Affairs Wednesday.
Americans earning six figures or more paid 79.5 percent of the nation’s share in individual income taxes in 2014, according to the latest preliminary data from the Internal Revenue Service.
Tax Freedom Day will fall on April 24 this year, meaning that Americans must work 114 days into the year before being able to afford their total tax bill, according to a report from the Tax Foundation.