Steve Muehler's Plan to Reduce Fraud in the Earned Income Tax Credit
Updated: Apr 23
Reduce fraud due to false income reporting in the Earned Income Tax Credit (EITC) program. The proposal my Administration has sourced will save approximately $8 billion annually, and $80 billion over 10 years.
Specifically, my Administration would
change the law as follows:
Require the IRS to fully verify income through a review of form W-2, form 1099, business licensing or registration, and relevant invoices before any refundable EITC payment is made.
Require individuals claiming self-employment or small business income to:
Provide a form 1099 documenting the income; or,
Be a registered or licensed small business and provide invoices of payments received including date of service and identifying contact information from customers.
Require the IRS to check the administrative records of the Temporary Assistance for Needy Families, Supplemental Nutrition Assistance Program, and subsidized housing programs to determine if the tax filer received benefits or a dependent child received benefits from the program during the calendar year and to determine whether the household composition and income reported on the claimant tax form is consistent with that reported to state agencies operating those programs.
Provide a $2,000 penalty for any tax filing involving an erroneous claim for a refundable tax credit that is based on substantial misreported income.
Steve Muehler is the Founder & Managing Member of the Private Placement Markets:
Private Placement Markets: www.PPMSecurities.com
Private Placement Debt Markets: www.PPMDebt.com
Private Placement Equity Markets: www.PPMEquity.com
Private Placement Markets – Real Estate Loans: www.PPMLoans.com
Equity Lock Residential: www.EquityLockResidential.com
Equity Lock Commercial: www.EquityLockCommercial.com
About Mr. Steve Muehler, Founder & Senior Managing Member:
Personal Site: http://www.SteveMuehler.com
Personal Site: www.StevenMuehler.com