Trump's IRS cuts lost $34 billion in corporate revenue

[Miles Archer]

WASHINGTON – The federal government could have collected $34.3 billion more in taxes from the nation’s largest corporations by increasing IRS resources by less than half that amount, according to a new study.

That’s nearly 20% of the estimated gap between what corporations paid in taxes and what they owed from 2002 through 2014.

The report from the Indiana University Kelley School of Business is the first to quantify the amount of corporate tax revenue lost during the audit process for every dollar of IRS budget cuts, according to the school.

“The scope of the audits is substantially reduced,” said Casey Schwab, an associate professor of accounting at the business school. “While the IRS appears to still target the most aggressive positions, they can’t audit as many positions within the return. They just don’t have the resources.”

https://www.usatoday.com/story/news/politics/2019/08/15/irs-cuts-cause-us-government-lose-billions-taxes-report-says/2009894001/

[Midnight Writer]

1. Run government like a business? What business doesn't audit their transactions?

[Gothmog]

2. Trump lost $34 billion in corporate revenue by cutting IRS budget by $13 billion

Link to tweet

[dalton99a]

3. +1

[BSdetect]

4. You can bet he benefited from this.