The historic Inflation Reduction Act will provide the IRS with 80 billion dollars’ worth of additional budget. Half of this amount will be used to hire 87,000 agents, capable of conducting a further 1.2 million audits each year.
The archaic tax system in the US, historically, has unfairly penalized middle- and lower-income Americans, with arbitrary audits and a convoluted system in need of a major reform. While this system may have benefitted the tax lobby and the multi-billion-dollar accountancy industry, those without the means to efficiently navigate such a system have for decades been disproportionately punished by it. With the IRS’ renewed capacity, 710,000 of the additional audits expected will fall on taxpayers making 75,000 dollars or less. Middle class Americans are worried that once again they will fall afoul of the pitfalls of an inefficient, untransparent and thus undemocratic system.
Every year nearly 1.7 billion dollars of tax refunds get lost in the mail and more than 21 million paper tax returns were waiting to be processed as of May 31st. As a result, millions of taxpayers must wait longer for their refunds. There’s no question about it, the IRS is long overdue for reform. An IRS fit for the 21st century is needed and needed now.
Unbox believes that taxation should be quick, easy, efficient, and transparent. Taxes are no fun, so at least make them easy and fair. Our technology platform is dedicated to providing just that. We offer a solution that brings transparency and efficiency for both governments and taxpayers alike. A solution that ensures accountability from both sides, while saving the taxpayer a lot of money.
Unbox’s closed loop system allows for a simple way for taxes to be filed and audited. It cuts out all of the parties that feed off this unneeded complexity, while at the same time reducing fraud, waste, and ensuring transparency for all involved.
Unbox is the pioneer in closed loop systems and has the technology to reinvent the American tax system. Unbox is willing to offer this technology to the IRS. This solution would cost the American taxpayers only 10 billion dollars, or 1/8th of the money the Act will cost. This way, 70 billion dollars of the taxpayers’ money can be used for what it’s meant for: education, national security, measures that battle inflation and the alike.
Unbox’s technology will make the American tax system more efficient, transparent, and fair, all the while saving the American taxpayers tens of billions. What’s not to like?
About Unbox Unbox is a purpose driven software company with a platform to reward positive behaviors, efficiently distribute, and track funding, value and cash-flows. More about Unbox on www.unboxuniverse.com