Tags:

U.S. IRS Commissioner Challenges Budget Cuts

Monday, 17 Oct 2011 04:03 PM

 

  Comment  |
   Contact  |
  Print   |
    A   A  
  Copy Shortlink

WASHINGTON (Reuters) - U.S. tax collections may decline by $4 billion annually if the U.S. Congress cuts the budget of the tax-collecting Internal Revenue Service, according to a letter from the IRS commissioner on Monday.

In a letter to congressional tax-writing committees, IRS Commissioner Douglas Shulman said steep IRS budget cuts would sap revenue collections and hamper the agency's ability to pursue identity theft, offshore tax evasion and other fraud.

The proposed spending cuts "will result in a direct increase to the nation's deficit," Shulman said.

Enforcement budget pruning as proposed by Congress would mean "that front-line IRS staffing levels must be substantially reduced, leading to a measurable decrease of approximately $4 billion in revenue annually, or seven times the reduction in IRS budget," he said.

Last month, a Senate subcommittee voted to cut IRS funding for fiscal 2012 by $458.8 million. A House bill would fund the IRS at $600 million below the fiscal 2011 level.

President Barack Obama's deficit reduction recommendations called for more IRS funding estimated to bring in $3.2 billion in additional tax revenues over 10 years. (Reporting by Patrick Temple-West (202) 354-5841 patrick.temple-west@thomsonreuters.com)

© 2014 Thomson/Reuters. All rights reserved.

  Comment  |
   Contact  |
  Print   |
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Fred Fleitz: Two Overlooked Lessons From the North Korea Sony Hack

Monday, 22 Dec 2014 17:01 PM

As disturbing as the North Korean cyberattack against the computers of Sony Pictures is, many reporters and politicians  . . .

John Kerry: Tsunami Anniversary Calls for Climate Change Action

Monday, 22 Dec 2014 16:48 PM

Secretary of State John Kerry used the 10th anniversary of the Indian Ocean tsunami that struck the Asian and African co . . .

US Offers $5 Million Bounty for Terrorist It Released

Monday, 22 Dec 2014 16:38 PM

The United States is offering a $5 million bounty for the recapture of an Islamic terrorist it freed six years ago who r . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved