Most of all, it’s fair. A tax increase to lower the deficit forces everyone to pay more – even those who have already paid their fair share. The whistleblower targets those that tried to cut corners.
We commend the recent article on the “Tax Whistleblower Report” by Scott Knott of the Ferraro Law Firm. After years of analysis and rulemaking, the IRS, according to the article, will “imminently” be releasing its first awards and determinations to whistleblowers who have provided information to the IRS over several years. Indeed, since the program’s inception, no monies have been paid out. This is of course good news to whistleblowers, but more importantly it’s good news to all taxpayers.
Our government has a huge budget deficit. Every year we are sending hundreds of billions abroad in interest payments alone. Losing those monies threatens to choke economic growth and certainly they are missed when it comes to finding money to fund various government programs. The problem is so serious that a bi-partisan (not often heard from) group of senators led by Saxby Chambliss (R) and Mark Warner (D) are floating plans to cut the deficit even it if means – are you ready for this – raising taxes. Arch-conservatives including Tom Coburn (R) are ready to sign on – acknowledging that lowering the deficit will require an increase in taxes.
The IRS Whistleblower program will surely not generate funds sufficient to erase the budget deficit – a large portion will remain – but it’s not an insignificant effort. A billion here and a billion there and we are talking about some real money. And most of all, it’s fair. A tax increase to lower the deficit forces everyone to pay more – even those who have already paid their fair share. The whistleblower targets those that tried to cut corners. So charge on whistleblowers and thank goodness the IRS is finally responding.