Revenooer Rants: Revenooers say ‘This is our lucky day!’
After endless complaining and bleating over how few crumbs Congress has tossed its way, thus seemingly excusing poor performance and woeful taxpayer “service” over the recent years, now cometh the surprising offering that IRS has suddenly come upon found money, and everything is going to be just fine.
So says Commish Koskinen, anyway. He recently proclaimed that IRS has found the “resources” to allow them to hire between 600 and 700 new enforcement personnel! Will wonders never cease! The Commish says these new “resources” have resulted from high attrition rates and worker efficiencies, of all things, according to Fox News.
“It was only weeks ago that they were saying they did not have the money (to hire more employees) and today they do have the money?” questioned House Oversight Committee Chairman Jason Chaffetz. “This is the worst managed entity in all of government and this is (the) latest in a long list of examples of poor management. You cannot testify you can’t do something and then just go around hiring people,” Chaffetz added.
In a speech as recently as March, Koskinen bemoaned the need for IRS to shrink its workforce by as many as 3,000 employees this year, thus affecting enforcement efforts.
And from our “make the millionaires and billionaires pay” department comes word this week that some Congress folk, in the never-ending quest for more dough, are ruminating over a potential solution to the high cost of college and related student debt which we all keep hearing about (mainly from Bernie Sanders): tax the big schools’ vast endowment holdings.
Seems House Ways and Means Chairman Roskam (R-Ill) and others have asked 56 private colleges with endowments of more than $1 billion (including Harvard, Yale and Stanford) for detailed info about their endowment holdings and policies, looking for assurances that investment earnings are appropriately spent.
According to the Wall Street Journal, quoting a Roskam spokesperson, it’s not out of the question that taxes are on the horizon for endowment income!
O Tempora, O Mores!
Indeed, a Congressional Research Service report from November estimates that taxing endowment profits at 35% could raise over $16 billiion more for Obama to spend!
CONSULT YOUR TAX ADVISER – This article contains general information about various tax matters. You should consult your CPA regarding the implications to your particular situation. Jeff Quinn is a CPA recently retired from Ashley Quinn, CPAs and Consultants, Ltd., with offices in Incline Village and Reno. He welcomes comments at email@example.com.