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alstry (36.27)

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March 28, 2010 – Comments (2)

Cash-strapped states using income audits to get funds

Speculation among local tax experts is that New Jersey’s and other states’ budget woes are driving not only the recent uptick in audits — one firm reports five times the number of audits in 2009 versus earlier years. They also say that the deeper probing by auditors makes the process longer and more costly.

HOW ARE THESE AUDITORS EVEN GETTING PAID TO AUDIT????  GOVERNMENT IS SMPLY BORROWING THE MONEY TO PAY MANY OF THEM......PRETTY SOON, AS ZOMBULATION GETS MORE SEVERE, TAX RECEIPTS WILL BE SO LOW MANY WILL ASK WHY IS THERE EVEN AN INCOME TAX?

Right now most of the income tax being paid is simply directly or indirectly from government payments.......

By cutting off the private economy from credit, there either is no need or no access for the private economy to borrow any more......as a result, the private economy is shutting down and income is evaporting.

Again, unless we restructure debt......SOON....there will be very little economy left to restructure.

2 Comments – Post Your Own

#1) On March 28, 2010 at 3:30 PM, alstry (36.27) wrote:

WHAT HAPPENS WHEN  FOOLS NO LONGER EARN ENOUGH MONEY TO SUPPORT GOVERNMENT?????

DOES GOVERNMENT TAKE CUTS OR DOES GOVERNMENT TAKE EVERYTHING CITIZENS HAVE???????

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#2) On March 28, 2010 at 3:52 PM, alstry (36.27) wrote:

FROM ZERO HEDGE.....

It couldn't have happened to a nicer country. On March 18, with very little pomp and circumstance, president Obama passed the most recent stimulus act, the $17.5 billion Hiring Incentives to Restore Employment Act (H.R. 2487), brilliantly goalseeked by the administration's millionaire cronies to abbreviate as HIRE. As it was merely the latest in an endless stream of acts destined to expand the government payroll to infinity, nobody cared about it, or actually read it. Because if anyone had read it, the act would have been known as the Capital Controls Act, as one of the lesser, but infinitely more important provisions on page 27, known as Offset Provisions - Subtitle A—Foreign Account Tax Compliance, institutes just that. In brief, the Provision requires that foreign banks not only withhold 30% of all outgoing capital flows (likely remitting the collection promptly back to the US Treasury) but also disclose the full details of non-exempt account-holders to the US and the IRS. And should this provision be deemed illegal by a given foreign nation's domestic laws (think Switzerland), well the foreign financial institution is required to close the account. It's the law. If you thought you could move your capital to the non-sequestration safety of non-US financial institutions, sorry you lose - the law now says so. Capital Controls are now here and are now fully enforced by the law.

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