Paul L. Caron

Friday, November 29, 2019

Tax Policy In The Trump Administration

Tax, Tax News, Tax Policy in the Trump Administration | Permalink


The articles by the Tax Foundation and the Center on Budget and Policy Priorities suggested attacking the tax gap by cutting down on unreported income. Neither article, though, suggested how this cutting down might come about.

A while back, I took it upon myself to suggest a couple of possibilities:

"Employers do the reporting for their employees; brokerage firms do it for stock market capital gains; let’s turn to banks to do the job for current self-reporters. Income and expenses are the major information components. Some way, somehow, those components have to be identified, separated, and added up. At year’s end, the totals should be reported to the IRS and to the income recipient. It would be nothing more (and nothing less) than a W-2 for self-reporters: the same as most American workers have been getting for decades.

"If current technology isn’t up to the job, then invent technology that is. There’s nothing digital magic can’t do. If you don’t believe it, ask Siri (or better yet, Zora)."

Posted by: Gerald Scorse | Nov 29, 2019 11:52:21 AM