A government watchdog says the Internal Revenue Service is tormenting
struggling taxpayers in the midst of a slumping economy by increasing
the number of liens the agency has filed against people who owe back
taxes.
You'll have more money in every paycheck next year as part of the
year-end tax deal. Don't spend it! That was money that should have gone
to Social Security, but everyone knows that's a fiction.
About 13.4 million taxpayers may be getting unexpected tax bills because
they were awarded too much money under President Barack Obama's Making
Work Pay tax credit, a government audit said Thursday.
While most of the four in 10 U.S. households who own an IRA don't plan
to convert those accounts to Roth IRAs this year, tens of thousands,
perhaps even hundreds of thousands, are deciding to take the conversion
step — and many are making some astonishing mistakes that experts say
could be avoided easily.
Another Tax Day, another check to Uncle Sam. Right?
More and
more, though, that isn't the case. Indeed, a growing number of
taxpayers pay no income tax whatsoever. And because of increasing
pressure to expand government even faster than the unsustainable path
it's already on, the United States is on a glide path toward an
economic meltdown. According to the Tax Foundation, the number of
taxpayers that had no federal income tax liability increased 45 percent
between 2001 and 2008.
