Insights Into Finance

May 07, 2021  
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Democratic Congressman John Sarbanes says that's made it harder for the agency to keep tabs on wealthy people who try to avoid paying taxes. JOHN SARBANES: The rich get richer. High-end tax cheats get away with not paying their taxes. Meanwhile, those average Americans out there who play by the rules - they're the ones that are getting short shrift here. HORSLEY: University of Pennsylvania law professor Natasha Sarin says it's hard for ordinary wage-earners to cheat the government because their taxes are automatically deducted from their paychecks. Rich people, on the other hand, have more ways to hide their income and lowball their tax bill. NATASHA SARIN: There are one set of rules for regular people, and then there's a second set for those who are wealthy and accrue income in more opaque ways. You have the opportunity to skirt what you owe. HORSLEY: When the rich are challenged by the tax collector, Sarin says they often fight back with an army of high-priced lawyers and accountants. SARIN: In that sort of David and Goliath kind of battle, the IRS as it stands is just outmatched. HORSLEY: No surprise, then, as its budget has declined, the IRS has steadily reduced the attention it pays to taxpayers making more than $10 million a year. A decade ago, nearly 1 in 4 of those ultrarich taxpayers was audited. By 2017, that rate had dropped to 1 in 38. Even President Trump has now proposed boosting the IRS budget. Tony Reardon, who heads the union representing IRS workers, says every additional dollar spent on enforcement would boost tax collections by at least $3. TONY REARDON: It's not just about collecting more revenue. It's also about making sure the American people believe the IRS is enforcing the tax code fairly. HORSLEY: In that Forbes column four years ago, the future IRS commissioner agreed wealthy taxpayers should face more scrutiny not because of politics, Rettig wrote, but because that's where the money is. (SOUNDBITE OF COLLEGE'S "UN LONG SOMMEIL") Copyright © 2020 NPR. All rights reserved. Visit our website terms of use and permissions pages at www.npr.org for further information.

https://www.npr.org/2020/10/19/925501102/the-wealthy-getting-less-scrutiny-on-taxes

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"I have little doubt that with excess savings, new stimulus savings, huge deficit spending, more QE, a new potential infrastructure bill, a successful vaccine and euphoria around the end of the pandemic, the U.S. economy will likely boom," Dimon wrote. "This boom could easily run into 2023 because all the spending could extend well into 2023." That contrasts to a year ago, when the economy abruptly shut down and there were no known vaccines. Travel came to a halt and so did dining out, and all other forms of entertainment outside the house. As much of the workforce as possible stayed home, and cities and office parks became ghost towns. Now, 1 in 5 Americans are fully vaccinated. More restrictions are being lifted and more people are flying, dining out and staying in hotels. Bank of America estimates Americans have $3.5 trillion in bank accounts they didn't have before the pandemic, both from government checks and savings. That money could start flowing into the economy, as all kinds of businesses, from restaurants to gyms, see surges this summer from pent-up demand. The unemployment rate is still a high 6%, but economist Ed Hyman, chairman of Evercore ISI, says it could fall to 3%, below the pre-pandemic low of 3.5%. "From trucking to job openings, US economic data have lifted off," Hyman wrote in a note this week. Evercore's trucking survey suggests more job openings. The consumer-driven service sector is about to see a demand surge, will speak while the manufacturing side of the economy has already been firing on all cylinders. The Institute for Supply Management manufacturing survey jumped to 64.7 in March, a 38-year high. Hyman added Evercore's tech index is at a decade high. The tech index is based on a biweekly survey of sales activity at five tech companies that manufacture equipment and software. Diane Swonk, chief economist at Grant Thornton, said she expects 2021's growth rate to be 6.6%, the strongest year since 1984.

https://www.cnbc.com/2021/04/09/the-economy-is-on-the-cusp-of-a-major-boom-and-economists-believe-it-could-last.html