If President Obama is serious about finding ways to cut the budget deficit, he should start with the Internal Revenue Service. With its entrenched bureaucracy, the IRS is thwarting whistleblower cases that if pursued would allow the government to recover billions in unpaid taxes from Wall Street banks, hedge funds and corporations.
As a possible means of cutting the budget deficit, Obama has indicated that he would like to begin a conversation about overhauling the U.S. tax code, by directing his economic team to begin considering options for tax code reform.
As Obama is considering a report by his commission on reducing the federal deficit, Congress is preparing to vote on extending Bush-era tax cuts.
