The IRS has set its sites on millions of people who enjoy gambling: the huge gap between tax collections and people reporting them on their tax returns. Those unreported winnings ad up to a whopping $13.2 billion.
Last week, a dozen GOP lawmakers introduced the Fair Tax Act of 2025. The bill proposes to abolish the IRS and repeal all personal and corporate income taxes, the death tax, gift tax, and payroll tax.
There has been a lot of political talk lately about no longer taxing Social Security payments. (Like they promised when it was created back in the Roosevelt administration.)
It's that time again to get ready to file your tax return and some of you may be wondering about the chances that the IRS will audit your return. You may be a bit more concerned knowing that congress gave the IRS $80 billion in extra tax dollars over ten years, with a large chunk of that money to be used by the agency for increased enforcement activities. This money is on top of the IRS''s annual funding. Congress has since clawed back about $25 billion of that windfall, and Republican lawmakers are promising to slash it even more.