IRS Steps up Efforts to Collect Tax Dues to Save Bankrupt Nation

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The International Monetary Fund (IMF) has branded the United States ‘bankrupt’. Are they right? They very well could be seeing that the country’s fscal shortfall is $202 trillion or about 14% of the Gross National Product (GNP). What does that mean in layman’s terms? Basically that it will take a 14% increase in revenue or a 14% decrease in expenditure to bring the country back to fnancial stability.

As far as increasing revenue is concerned, there are only three options available to the government (or the government of any country not just the United States) – borrow it, print it or tax for it. Out of the three, only the final one is viable. For obvious reasons, the frst two are risky and unrealistic.

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Published In: International Trade Updates, Tax Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Darrin Mish, Tampa Tax Attorney, The Law Offices of Darrin Mish, P.A. | Attorney Advertising

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