Rick Newman US News "Data from the IRS shows that total tax receipts from personal income dipped in 2009 and 2010, as would be expected in the aftermath of a tough recession. In 2011, the last year for which data is available, tax receipts rose by about 14 percent, as the economy recovered and more people went back to work. That's a healthy rebound, but some of that may have come, ironically, from government transfer payments, such as extended unemployment insurance, that temporarily boosted some people's income, On the whole, it's hard to tell if tax receipts are depressed as more people underreport their earnings. Economists estimate the size of the underground economy at somewhere between 8 percent and 14 percent of total GPD, which could amount to as much as $2 trillion worth of economic activity. Authorities in California say off-the-books transactions cost the state $6.5 billion in lost tax revenue every year. If the trend is similar throughout the U.S. economy, that would amount to roughly $50 billion in lost tax revenue for all 50 states combined, plus an even bigger chunk that Washington fails to collect. All told, that would be more than enough to completely cover the $85 billion in spending cuts—known as the sequester—that just went into effect. On the other hand, that's a lot of cash consumers end up keeping to spend on cars, appliances, restaurant meals and vacations—almost like a government stimulus program."
Texas, Dallas News: "This [unreported labor] is so prevalent in the construction industry that researchers at the University of Texas say more than 40 percent of such workers across the state are the victims of payroll fraud. That’s more than 300,000 workers and about $7 billion in wages not reported to the Texas Workforce Commission. This causes the state to miss out on at least $54 million in unemployment insurance each year. The feds lose untold billions in Social Security payments.'
I say, keep breaking the law.
No comments:
Post a Comment