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August 19, 2014
The U.S. Treasury Department has announced it expects to borrow $192 billion in the third quarter of this year. This is an increase of $170 billion from the borrowing amount announced in April. Additionally, the Department estimated it will need to borrow $187 billion in the fourth quarter of 2014 to keep the Government running and to meet financial obligations such as servicing the existing $17.6 trillion federal debt. The federal budget deficit was $680 billion in FY 2013. This marked the first time the annual deficit did not exceed $1 trillion during Barack Obama’s presidency, which reached a record $1.4 trillion in 2009.
July 14, 2014
Last year, Congress opened an investigation into the Internal Revenue Service’s (IRS) approval process for tax-exempt organizations ahead of the 2012 election. Following several Congressional hearings across multiple committees, it came to light late last month that officials inside the IRS had been slow walking conservative organization’s applications in hopes of keeping them on the sidelines ahead of the pivotal presidential election. Throughout the hearings, senior IRS officials refused to testify, or admit any wrongdoing. This later led to a transition in many leadership positions at the tax collection agency. No one person has been held legally accountable for the discriminatory practices of the agency because we have yet to learn just how far the campaign to stifle conservative political organizations had spread. Was it directed by rogue officials, the IRS Commissioner’s office, or even out of the White House itself?
May 15, 2014
The Inspector General for Tax Administration at the U.S. Treasury Department has issued a report finding more than 2,800 workers received bonuses despite facing a disciplinary action in the previous year, including 1,150 who owed back taxes. Specifically, the Internal Revenue Service (IRS) has paid more than $2.8 million in bonuses to employees with recent disciplinary problems, including $1 million to workers who owed back taxes. The report issued by Inspector General J. Russell George found the bonuses were awarded from October 2010 through December 2012.
May 12, 2014
According to the latest annual report on the state of regulatory compliance issued by the Competitive Enterprise Institute (CEI), the cost of federal regulations is now bigger than the entire economies of all but nine countries in the world, including Canada. This is thanks to unchecked growth under the presidency of Barack Obama. The report is a compilation of compliance costs from government agencies and outside sources. CEI found that the "regulation tax" imposed on the economy is now greater than $1.86 trillion.
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