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Penny Wise, Pound Foolish: The IRS Is Wasting Your Money
Believe it or not, the IRS loses $37 million each year on private debt collectors paid to dun citizens for tax debt.
Appallingly, these aren’t even the very wealthy tax scofflaws being hunted by the expensive collection agencies:
After years of lobbying by the private collection industry, the Republican-controlled Congress created the program in 2004. The goal was to use collection agencies to close the relatively easy cases the IRS said it did not have the staff to handle: instances in which the taxpayer is not disputing the debt and in which the amount owed is relatively modest.
The article goes on to state the program’s supporters expect it to break even by 2010.
How nice for them.
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