June 23, 2018

The 20% of Americans Who Would Get an ‘IRS’ Tattoo to Never Pay Taxes Are Getting Off Too Easy

IRS-tattoo-survey-Americans-taxes

Americans hate paying taxes. This is not news. Why they hate paying taxes is a bit of a mystery. I reckon it has something to do with wanting to piss the money away themselves rather than have police or schools or national parks.

Anyway, a survey by WalletHub found that some Americans are so intent on not paying taxes that they’d entertains some bizarre options to opt-out of taxes forever:

[D]isdain for filling out forms and forking over funds to the government drives many of us to contemplate some pretty kooky alternatives. For example, one in five Americans would get an “IRS” tattoo in return for a tax-free future while 6% would name their first-born child “Taxes.”

The “IRS” tattoo doesn’t go far enough. If these people don’t want to pay taxes ever again, the tattoo has to go on their face. Or maybe the tattoo should be the internal revenue code rather than just “IRS.” Sure, the whole code wouldn’t fit, but that seems like a more appropriate trade-off.

Even the 6% who would name their first-born child “Taxes” aren’t really suffering enough humiliation. It’s their child who has to walk around with the name forever. The individual that wishes to get out of taxes should have to legally adopt the name “Taxes” or “1040” or “Non-deductible Hobby Loss.” Naming  your kid “Taxes” is only going to result in parricide.

[WalletHub]

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UBS Closer to Getting the McCarthy Treatment

IRS_logo-thumb-150x140.jpgIf you’ve got a Swiss bank account, here’s hoping you opened it because it was convenient for your monthly skiing/Toblerone getaway.
The U.S. and Swiss governments have agreed to share more tax information in order to crack down on all the tax dodgers out there that send their money offshore. The timing of this agreement is is especially diabolical because the IRS is currently trying to get Swiss bank behemoth UBS to name names of over 50,000 American clients.
Hearings in Miami are scheduled for next month to see if the names can be released, however, the Swiss have stated that this may violate Swiss law of double-secret-no-tattling-on-clients.
Ultimately, the Swiss Federal Council and Parliament will decide if the new agreement is kosh but judging by the Obama Administration’s hard-on for closing tax loopholes, they’ll probably play ball.

U.S. and Switzerland to Share More Tax Data
[DealBook/NYT]

H&R Block Suggests That You Start Saving Receipts

IRS_logo-thumb-150x140.jpgH&R Block announced yesterday that it expects the IRS to get less kind and gentle in the coming years as the Service attempts to close the $345 billion tax gap.
The announcement states that the IRS is nearly doubling its budget for next year and that last year, 1 in 99 individual tax returns were audited as compared to 1 in 202 in 2000.
Maybe the Democrats do want all our money…
Audits Double This Decade [H&R Block Press Release]