IRS gave out $5.6 billion in bogus education tax credits

The Obama stimulus bill – the $900-billion payoff to his campaign supporters in 2009 – is the gift that keeps on least, to crooks, fraudsters, and charlatans. The IRS inspector general issued a blistering report on how $5.6 billion of the education tax credit, funded by the stim bill, has been wasted. Daily Caller: A whopping 3.8 million students were allowed to claim about $5.6 billion in tax credits that, in hindsight, appear to have been questionable or outright fraudulent, the report found. That’s hardly a small figure, as $5.6 billion amounts to more than 25 percent of all education credits given out by the government, an extraordinarily high level of inefficiency and waste. Not only that, but the IRS still hasn’t found an effective way to stop more faulty credits from being claimed in the future.   “The IRS still does not have effective processes to identify erroneous claims for education credits,” says...(Read Full Post)