IRS audits Black taxpayers more often than other groups, agency confirms

The Internal Revenue Service audits Black taxpayers at significantly higher rates than other Americans, Commissioner Daniel Werfel told lawmakers Monday, confirming earlier findings by researchers at leading universities and the Treasury Department.

IRS audits Black taxpayers more often than other groups, agency confirms

Related:

The IRS Targets Black Taxpayers, Researchers May Have Uncovered Why

Consistent underfunding of the IRS means it’s a lot easier for them to go after someone who is low-income and qualifies for the EITC than it is to go after someone with a million lawyers hiding money in the Cayman Islands.

Targeting the rich for their tax-related shenanigans takes some major coins, and the IRS severely lacks the funds it would need to do that. Unfortunately, that means they’re more likely to knock on the doors of people just trying to get by.

Good thing Republicans are trying to repeal IRS funds?! /sarcasm

Cryptocurrency News: US Regulators Should ‘Maybe’ Ban Crypto + Digital Asset Anti-Money Laundering Act of 2022

Banking Committee Chair: US Regulators Should ‘Maybe’ Ban Crypto

The senator [Sherrod Brown] also pointed to numerous incidents to back up his claims, not just the recent collapse of FTX but also issues such as “the threat to national security from Korean cyber criminals to drug trafficking and human trafficking and financing of terrorism and all the things that can come out of crypto.”

Senator Elizabeth Warren unveiled a new bill governing cryptocurrencies earlier this month, dubbed the Digital Asset Anti-Money Laundering Act.

Warren’s bill would look to force crypto asset providers to offer audited financial statements and impose bank-like capital requirements more in line with what is expected of traditional financial institutions. The act would also give the SEC increased powers to regulate the asset class.

Get ready for the Digital Dollar!

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