11/01/2010

More Stimulus Fraud

This is just the fraud that they have been able to identify.

On top of everything else, it turns out the stimulus was an invitation to tax fraud: J. Russell George, the Treasury's inspector general for tax administration, just reported that he'd identified more than 125,000 individuals who got $111.4 million in undeserved tax-credit refunds, thanks to the 2009 Recovery Act.
We already knew that the stimulus failed to produce the miracles that President Obama, House Speaker Nancy Pelosi and Senate Majority Leader Harry Reid had promised -- the unemployment numbers alone are proof of that. Much of the cash went to the states, to roll back welfare reform and to allow states to avoid cutting their spending. Now George's audit of the IRS's handling of the 16 new or increased "refundable" tax credits has exposed yet another mess:
* 10,581 people got $65.6 million in Homebuyer Credits they didn't qualify for.
* 109,665 individuals got $29.7 million in Making Work Pay and Government Retiree credits they didn't qualify for.
* 5,345 people wrongly received $15.6 million in Plug-in Vehicle credits.
* 171 got $453,220 in erroneous Nonbusiness Energy Property credits.
* 2,933 received more than $95.8 million in excessive Qualified Motor Vehicle Tax deductions.
Democrats rushed the massive "stimulus" package through Congress within a month of Obama's taking office. More than one in every three dollars of "stimulus" -- $252 billion worth -- took the form of "refundable tax credits" (many to "taxpayers" who paid no taxes). . . .

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