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Tuesday, April 15, 2008
DAILY FISCAL POLICY REPORT -- Tax Day 2008
Taxes -- IRS Tax Collection Program A $$-Loser: A front-page story in today's Washington Post reports that Collectors Cost IRS More Than They Raise. The IRS' program using private tax collectors has brought in about half of what it has cost the IRS to implement the program. Debt collectors have pocketed commissions of up to 24 percent. "This program is the hood ornament for incompetence" said Sen. Byron L. Dorgan (D-ND). Expected losses: $37 million. Story.
Taxes -- House Vote Today on Simplification Act: The House is expected to vote today on the Taxpayer Assistance and Simplification Act of 2008, which cleared Ways & Means last week. The bill aims to streamline the income tax filing process and improve services for elderly, disabled and low-income taxpayers. Bill Summary. It would would increase revenues by $41 million and reduce direct spending by $247 million over the 2008-2018 period. CBO Score.
And More Taxes -- House Limits Contracts for Tax Laggards: By a voice vote yesterday, the House passed Contracting and Tax Accountability Act, a bill to prohibit companies with seriously delinquent federal tax debts from receiving new contracts and grants. S. 2519, the Senate companion bill by the same name, sponsiored by Sen. Barack Obama (D-IL) has been referred to but has not been acted upon by the Senate Homeland Security and Governmental Affairs Committee. OMBW Blog.
And... Ten Tips for Tax Day: The deadline for filing state and federal taxes is midnight tonight. If you're still reading this, you probably need all the help you can get. Here are some suggestions and tips, offered by the Boston Globe. Tip #1 1: Don't stress -- go to Tip #10 first. 10 Tax Tips.
Posted by Dana Chasin
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