under this regime, financial institutions would become agents of the irs. tasked with monitoring and recording flows into and out of personal and business accounts above a mere $600 threshold. the proposal, which is sold under the guise of trying to close the tax gap, is very concerning. and pulls almost all taxpayers into a surveillance dragnet. the end of big data should not be viewed as an opportunity for big brother. i do not agree with some high-tax advocates that private tax information should be a public good with governments and the public knowing every private aspect of individual and business income and assets. an overwhelming majority of tax payers in this country are law-abiding. and pay the taxes they owe. my concerns are amplified by the egregious apparent leak of private taxpayer information out of the irs with the data ending up at pro publica, which reported sensationalized and misleading claims about taxes paid by named individuals. while pro publica focused on wealthy people, an irs leak may involve personal information on american taxpaye

has there been any study on this done by the irs, and you can get back to me in writing. but the proposals you've made even for normal tax treatment for oil and gas companies look like they will have a dramatic effect on the price of gasoline for individuals around the country and would be a huge hit on jobs and energy independence. >> my colleague's time has expired, and secretary yellen, he indicated it would be acceptable to answer in writing. we will get that for senator lankford. next is senator casey. >> mr. chairman, thanks very much for this opportunity. secretary yellen, we're honored to have you with us today, and thank you for two things. one, for your ongoing public service at a challenging time for the nation, and secondly, the way you have done throughout your career, making the connection between economic policy and the betterment of our families and making that connection over and over again. >> thank you. >> i especially appreciate the work you've done to lift up the provisions in the rescue plan and your conversation with senator bennet, senator brown and

one of the big items on that list was irs enforcement. there were estimates in the hundreds of billions of dollars that investing in more auditing capability, more investigative capability, if the irs could produce those returns. so there was a political and mathematical problem, the mathematical problem being that their estimates it would create all this revenue, and the congressional budget office did not necessarily agree. they were specifically very conservative in their estimates of what these things will generate. it did not really produce the number that i think a lot of the members were counting on. so the problem is political, which is the republican party has campaigned for years on weakening the irs on campaigning that it is irs overreach. their view is that the irs should be weaker, not stronger. that is the mainstream republican view. while no one is going to stand up and put it in terms of we think we are going to keep allowing rich people to cheat on their taxes, you know, this is kind of where this discussion goes. democrat

can the irs process these claims efficiently? first of all i agree the ert see is a very important and useful tax credit and it is critical employers know about it i know the one thing the irs has been doing is working with those who provide tax services with firms like intuit so if they work with larger businesses filing tax returns that the source of information to the businesses about the availability of this credit and i gather from conversations that i have had with executives at the firms there is good awareness of this credit that i believe that people will brief you this afternoon their doing what they can to get out information about the availability of this important credit. >> i yield back. >> the gentle man from oklahoma. >> my time here today is short so i will be brief with yes or no questions. i've been a job creator the past 35 years living on the receiving end of big government policy i've spoken to literally hundreds of business owners the last month they and i disagree with your assertion that the extra 300-dol

do you think the irs is able to process these claims efficiently? >> first of all, i agree the er cixi is a very and important tax credit, and it is critical that employers know about it. i think that one thing the irs has been doing is working with those who provide tax services ertc to make sure that when they work with small businesses or larger businesses when they're finally tax returns that they are a source of information to these businesses about the availability of this credit. i gather from conversations i have had with executives at those firms that there is good awareness of the availability of this credit. i believe irs and people will brief you this afternoon is doing what they can to get out information about the availability of this important credit the ertc. thank you and >> thank you and i yield back. >> thank the gentlelady. let me recognize the gentleman from oklahoma, mr. hearn to inquire. >> thank you mister chairman. i time today here is short, so the brief or some yes or no questions man and secretary. i've been a job creator

will supervising the irs give the president and the money he needs? im stossel an editorial board member from alisha findlay. let's put this in context, irs budget is $11.8 billion. an unspecified number of years, that's a lot of money but what are they going to do with all that cash? >> the idea is that they would upgrade their systems and higher tens of thousands more auditors to go after taxpayers and small businesses. the problem is if you want to get to that $100 billion you're going to have to go after the tens of thousands of dollars, law-abiding citizens who aren't dodging taxes. paul: when you say small businesses -- >> llc, limited liability company, these are basically companies dodging taxes and they have made it a priority to go after small businesses. paul: well, tax fraud is illegal, right? is the assumption that these people are breaking the law or somehow just using the loopholes that are fine? if it's the latter that they're not going to get the money they expect from product. >> that's right, if you look at the irs data, only 5% of t

says the internal revenue service has a backlog of some 35 million unprocessed tax returns leaving the irs scrambling. >>> the phoenix suns have punched thard tickets to the nba finals >>> early today starts right now. >>> good morning i'm phillip mena. >> i'm frances rivera. we begin with the decision from the pennsylvania supreme court that shocked the me too movement bill cosby is released from prison after the reversal of his sexual assault conviction. the court saying prosecutors violated a deal meant to shield crosby from criminal prosecution. >> reporter: francis, so bill cosby is back at home. a man once known as america's dad who became known as a convicted sex offender now has a clean record he's a free man. >> we love you mr. cosby. >> reporter: bill cosby is a free man, his conviction tossed out, his record wiped clean he cannot be retried. he appeared before reporters. >> today reporter: the pennsylv supremt to fundamental fairness and it violated his due process. cosby calling into a radio show. >> this is for all the people who have been imprisoned wrongfully regardless of r

these are taxed businesses and the irs says give us more power, that's who we are going after. rs agent. >> gillian: on the flip side of the coin, some americans say $80 billion over ten years, it's not that much money. they really want to do, what the irs wants to do with the money is forced americans who are cheating the system to pay their fair share. what's wrong with that? that sounds pretty reasonable. >> for one thing when we look at the data, they find the rich people are paying the taxes they were legally required to. they didn't find people cheating, they found them not cheating and we know from the irs itself who their targets are. smaller businesses that deal in cash and your corner grocery store, your barbershop, that's who they are going to target and that's who they say they want to go after. and the biden obama administration have a history of targeting people and companies for political purposes. it was leaked to a left-wing organization, nobody got fired and nobody got arrested during the obama administration. the irs agents were licking people's personal contr

i wouldn't put any credence into not knowing whether or not the irs is investigating. that we may hear about that. in terms of the criminal investigation, that's not a defense. you can't say, we shouldn't be convicted because some other entity really should have prosecuted us. if that's the case, then the manhattan d.a.'s office wouldn't do any white collar cases. they have a tradition of doing cases that could be brought in federal court. this is one of them. that's a silly defense. >> last brief question for you. scheme to defraud in the first degree is a jumble of words that i have never necessarily heard before. obviously, that's technically most serious charge the trump organization is facing. what should we understand in layman's terms, scheme to defraud, to mean in terms of an alleged crime? >> from a prosecutor's perspective, it's a great statute with weak penalties. it's patterned after federal mail fraud, which is basically to punish the devising of a scheme to defraud, which means trying to get money from people or companies or property by lying to them, by f

they are accusing him of stealing, in effect, from the irs by knowingly obtaining a tax refund he was not supposed to get. but the news here. the genuinely and surprising news. number one, this is a lot of charges. 15 felony charges is a more serious indictment than trump lawyers have been trying to spin for the past week or so for sure. this is heftier indictment than they prepared for or people were expecting. number two, in statements today from the d. a's office, remember, this has been a joint investigation and in that exchange about why they need a protective order, it was made clear by prosecutors speaking in court and from the d.a. and attorney general made more clear than i expect today. that this isn't it. in all likelihood more is coming. we believe the special grand jury we first learned about last month that has been meeting next week and will continue to meet for the next six months. meeting next in very blunt terms. the charges ushered in a new phase of the business practices of his company. the indictment was narrowly focused and melee the next steps which will focus o

the irs has no clue to start paying you the child credit. you'll have to update your tax file.ight now. it won't be until late summer that the systems allow you to update your dependents, income and marital status. even if you don't get a single payment over summer or fall you shouldn't lose a single penny, because the payments now are an advance on your next tax filing. >>> fog still socking in part partsf the bay area. let's go ahead and give you a look at the microclimate forecast. if you're making dinner, this is one to come to the tv and take a look at. kind of makes you feel like you're on vacation here, right? so beautiful. sometimes we can forget what it all looks like. that is mt. diablo, and look at this, a little bit of fog starting to roll on this. we do expect the fog to return. through the afternoon, sunshine. overall looks great for us. ahead, really nice stride of weather as we've been talking about continuing into the next couple days. i want to show you what's really controlling the weather pattern across the west. we do have this area of high pressure that br

families can access the irs's online portal to apply for the child tax credit.here are a lot of different websites and resources that i would point out. childtaxcredit.gov and these are solid resources that will connect families with the irs website. they offer frequently asked questions that families can look up question that apply to their situation and it gives a lot of information from a trusted source that can help them get and access their child tax credit payments. host: amy matsui joining us to give you information about this new, enhanced child tax credit payment starting to hit parents 's bank accounts today and i want to give the numbers for folks to join us. parents can call in at (202) 748-8000 to ask questions you have about this program. all others, (202) 748-8001. go ahead and call in now. amy matsui, we are talking about fiscal year 2021. we are not talking about beyond -- we are talking about the tax year of 2021. why are we not talking about beyond 2021 yet? guest: so, we do definitely need to make this important expansion to the child tax cre

the irs. and writing columns and describe the irs as a hot mess.ichelle: the irs was besieged like every other company, they had to shut down because of covid. they were already having a problem even before the pandemic. they just don't have the resources to work with all the taxpayers that need help. technology is outdated in a lot of cases. their budget has been cut, they were not fully budgeted for the things they need to do. i always advise people to call the irs. always should do it no matter what, even though my column says you are not likely to get through. i want to continue to do columns that point out how bad things are at the irs. you are not likely to have them answer your phone. even with an online account, less than 50% of people fail, because the system the trust to verify your identity is glitchy. on the one hand, it's not completely the irs's fault. the pandemic, they are losing workers. they were charged with giving stimulus payments to tens of millions of people. three rounds of stimulus payments. in the summer of 2021, they are

they're accusing him of essentially stealing in effect from the irs by knowingly obtaining a tax refundthat he was not supposed to get. but the... venues here, they genuinely interesting i think surprising news is, number one, this is a lot of charges. 15 felony charges is a serious and extensive indictment that the trump organization lawyers have been trying to spin to the public for the past week or so for sure. this is a heftier indictment and they prepared people for. it is therefore a heftier indictment that most people were expecting. number two, in statements today from the da's office and from the new york attorney generals office, remember this is essentially been in a joint investigation by those two conference into entities. statements from both of those entities released, and in that exchanged that in court that i described it why they need a protective order, because the case is still going on -- it was made clear by prosecutor speaking in court, by statements from the da and from the attorney general, made more clear than i expected it to be today that this indictment toda

the irs is not involved. he has been, not reported very much but weisselberg has been immunized. s office for the southern district of florida when they were investigating cohen, trump's lawyer. so there is some legal issues involved. the charges are mick -- mickey mouse. i don't see too much of this to be perfectly candid with you. neil: i know the president's lawyer said of these lawyers as a target, in my more than 50 years of practice never before have i seen the district attorney's office target a company over employee compensation or fringe benefits. let me ask you, as great attorney in your own right, i mean, i've seen this come up in cases against ceo's and others as part of a wider case of impropriety but rarely alone. and i'm wondering, what that tells us? >> so you're 100% right. so, neil, if he was taking a plea and cooperating i would cut a deal with him, hey, you testify against the boss and i will let you plea into one of these mickey mouse counts but that is not what's happening here. apparently, apparently, we need to wait and see what it is, apparently this is th

there are republicans more towards the middle who think that the irs can be used for political means,iduals. you can think about that what you will. and there are also folks who question the actual value of the return on investment here. that what that $40 billion is going to get you. does it really get you $100 billion in new revenue, like the administration says? or is the number much smaller than that? there's also a concern that when this gets scored, when the congressional budget office, sort of the referees here look at this, they'll say, you can't get credit for money that we're already supposed to be getting paid, just because now it's in your wallet. that's not how this works. there are a lot of challenges with this and it may have to go by the wayside. we'll see what gets voted on next week. >> you could forget about credit and just get the money for any of those lawmakers who say they don't want that money collected, you may want to take a closer look at how they pay their taxes. garrett haake, thank you. >>> now to developing news out of new york. nbc news has confirmed th

the irs has never seen a case like this. we cannot find where the irs has ever made a case like this. and we are all aware, all of you and all of us, are aware of the very significant financial crimes that have occurred by large financial institutions where this office did not take them on, did not prosecute them. going back to 2008, the financial collapse of the united states. many of the firms involved in those events are located in my at -- in manhattan. we did not see them drag those companies into court. and we are talking about $1 trillion in lost value to homeowners across the united states. so those are my thoughts, and i think that it is an improper precedent. i think the office knows this. i am not saying to you all that they are not aware of. but i think the political forces driving today's events are just that, it's politically driven. notwithstanding the statements by my colleague at the da's office in court today. >> i know he is not your client, but that is a lot of money. what would mr. trump have to say abou

we always say that is the risk over the battle to fund the irs and get more funds tucked into it. that will invariably increase the size of it. republicans don't like the idea of it. i relate it to show the 1-2 punch washington could be launching as soon as next week. one that calls for more planned spending within that $3 trillion package or at least focus on things that were a lot more than were originally discussed. we don't know exactly what is being sorted out here. i want to get reaction from the former investment banker, the war on small business, we have liz peek, fox news contributor. on these developed everything hits the proverbial fan next week, the devil is always in the details but this looks like a lot of spending one way or the other. may be more than we thought and on things we didn't think, what do you think? >> anytime we have more central planning and more spending from the government is a bad thing and some of the details, spending on education, putting people into the pipeline to be indoctrinated about how bad capitalism is, this is a very -- we had a huge mas

the national taxpayer advocate says the irs is dealing with a perfect storm of pandemic problems increasedemand and budget cuts. the delay means that millions of people are left waiting for their refunds. the mta also found that 70% of individual income tax returns included refunds which averaged about $2800. meanwhile, thousands of californians could soon get an extra $100 a week in unemployment, pay the edd began sending text messages and e-mails last week to those who might qualify. department also sent information through mail. those eligible can get up to a $100 a week for 36 weeks for a total of course, of $3600. the money is part of the mixed earner unemployment compensation program that applies to about 350,000 californians who are self employed. but also work part-time. >> next on kron 4 news at 6 travel on the rebound after the holiday weekend. just how many passengers were screened. plus, elsa nears, florida. and it is now a hurricane. our chief meteorologist lawrence karnow tracking that storm. but first tonight the federal trade commission and congress say they want to protect

we worked for all that time, two things from the irs. agents and secondly even that is not going to substantially close the tax gap. we need a smarter approach on this. and i think our biggest concern as republicans is what we saw yesterday m second straight quarter of gdp numbers fell below expectations. even the job growth is slowing. economic growth is downhill from here. wages are up and so i think our big worry of going forward is 2021 under president biden and the economy, frankly, he's off track on the policies and a lot of working families are being hurt by it. >> well, if you passed a big infrastructure bill, that would create a lot of jobs and be a boost to the economy. i think back to the over 100 major corporate ceos pushing this administration and congress saying it would be great for the economy. congressman, great to see you. thank you for joining me. we have to leave it there. we're out of time. please come back soon. >>> up next, the final victims from the surfside high-rise collapse have been identified. now a legal batt

if you filed taxes and the irs has your information. y should automatically deposit into your bank account. there are reports the rollout last week did have some hiccups. so give it another few days. if you're expecting a direct deposit, if you did not file taxes during the past 2 years. you're still eligible for the payments. but you'll have to sign up. that can be done through the irs website. just yesterday, the irs updated its online portal to make that process easier. you can also use the irs website to make sure your mailing address and banking information or up to date. there could also be a delay if you filed your 2020 tax returns late you likely won't get your payment until your return is processed. there's also information on the irs website you can use to figure out how much you're eligible for. and eligible families can expect to get a direct payment every month through the end of this year. and then the convert over to a tax credit for next year that you can use when you file your 2021 taxes reporting in washington. i'm trev

why the irs may be sending you hundreds of dollars this week. >>> and supersize goldfish. where these former house pets were found and how they grew so big. >>> this is the "cbs morning news." this may look like a regular movie night. but if you're a kid with diabetes, it's more. it's the simple act of enjoying time with friends, knowing you understand your glucose levels. ♪ ready to shine from the inside out? try nature's bounty hair, skin and nails gummies. the number one brand to support beautiful hair, glowing skin, and healthy nails. and introducing jelly beans with two times more biotin. if you have moderate to severe psoriasis or psoriatic arthritis, little things can become your big moment. that's why there's otezla. otezla is not an injection or a cream. it's a pill that treats differently. for psoriasis, 75% clearer skin is achievable, with reduced redness, thickness, and scaliness of plaques. for psoriatic arthritis, otezla is proven to reduce joint swelling, tenderness, and pain. and the otezla prescribing information has no requirement for routine lab monitorin

the irs might not know you have a kid. it could be using outdated tax info or the wrong bank account number. start your search for answers on the irs website. first, see if you're enrolled. on the home page go to the right side and click get tax credit. on the next page, scroll to the first box and click manage payments. the irs says that window lets you check if you're enrolled. below that an eligibility tool will tell you if you qualify. bear in mind, max income is $150,000 for couples, $112,500 for a single parent. it tells you you are eligible but didn't get a payment, it's possible uncle sam has bad or no bank information for you. the irs is using your 2019 or 2020 tax return info to calculate and makes payments. use the manage payments button to verify, update or add your bank info. the good news, even if you don't get a single payment over the summer or fall, you shouldn't lose a penny because today's payments are actually an advance on your next tax refund. if you get nothing now, you'll be able to claim the full ch

the irs would enforce such matters. >> commissioner bush: or the state tax agency as well, right? >> it's possible. i suppose you could reach out to the franchise tax board. >> chair ambrose: i do think -- i appreciate staff's work on stipulated settlements, we are getting off of the agenda. i'm going to move us back to mr. moderator, can you ask if there's public comment on this particular item? >> clerk: we are checking to see if there are callers in the queue. those on hold, continue to wait until the system indicates you have been unmuted. we are currently on the public discussion on the motion of agenda item 6. in the matter of jennifer stojkovic complaint number 1920-011. if you have not done so, press star 3 to be added to the queue. you will have three minutes to provide comment. you will hear a bell with 30 seconds remaining. >> while the moderator is looking for public comment, to commissioner bush's question about if nonprofits have to disclose contacts, it is our understanding that there is an -- c 3s and c 4s but only those who filed a 990-n or 990-ev. it is our under

it says the irs and treasury shall turn the documents over. it's a right the president has. they made a colorable argument there is an issue here, and donald himself said he was being unfairly treated by the irs because he is president. that is plenty of grounds for an inquiry. i will be surprised if the first judge, even a trump appointee, rules in his favor. >> thanks for joining us tonight. >>> coming up, stunning new details with trump's obsession to declare the 2020 election corrupt. swongman swalwell and joyce vance will joining next. e will . breyers. 100% grade a milk and cream, and loaded with delicious cookie pieces. better starts with breyers. (vo) when you are shopping for a new vehicle, how do you know which brand you can trust? with subaru, you get kelley blue book's most trusted brand winner, seven years in a row. in fact, subaru has won most trusted brand for more consecutive years than any other brand. no wonder kelley blue book also picked subaru as their best overall brand. once again. it's easy to love a brand you can trust. it's easy to love a subaru. (c

. >> the justice department rules the irs must turn over former president trump's tax returns to congress. what investigators and the public could learn from those documents. >>> no mask, no card, no service. amid a spike in coronavirus inspections more and more business owners say their doors are only open to those who can prove they're vaccinated "newsroom" starts right now. >>> good morning. it is saturday, july 31st. i'm boris sanchez. >> and i'm christi paul we're happy to have you here in the cnn newsroom. we want to begin with the race to get more people vaccinated against covid as a highly transmissible delta variant is spreading across the country it's leading to really an alarming surge of new cases in certain spots. >> yeah, the united states now averaging more than 77,000 new cases per day. listen to this, that's more than five times where we were at the start of the month. five times as many as there were on the fourth of july. the number of people sick enough to need hospital care is also increasing. the country averaging nearly 1,800 new hospitalizations every day. more tha

when things go poorly, the governor, the president gets the ire. who do i blame? look to the governor. he has a lot of weight on his shoulders right now. not all his doing by any means. i think we can see some kind of relationship between what happens over the next eight weeks and the outcome for governor newsom as well. >> the count down is on. >>> the path to becoming a teacher just got easier. until now, would-be teachers had to pass four standardized tests to become a teacher. half the teachers struggled to pass them. now they no longer have to take the california basic skills test or subject matter test for teachers. >>> if you're looking to buy a house, good news. more houses are available to buy, but demand is still outweighing supply. in san francisco, for example, inventory is up 3.2% from may and 15% from last year. the average home is worth with $1.3 million, up 15% from june of 2020. the typical home elsewhere worth $1.4 million, 17% over last june. >>> up next, going for gold. the bay area paralympic athlete looking to sink his shot in tokyo. >>> she o

2021 requests for trump's tax information was for the committee's principal objective to assessing the irs'spresidential audit program, a legitimate area for inquiry and possible legislation. ways and means chairman said this about the decision " as i've maintained for years the, committees cases very strong and the law is on our side, i'm glad the department of justice agrees and that we can move forward ". and then there's this from nancy pelosi who called the decision a victory for congressional oversight powers. " access to his tax returns is a matter of national security. the american people deserve to know the facts of his troubling conflicts of interest in undermining of our security and democracy as president. " leading off our discussion tonight is congressman lloyd doggett of texas he is the second highest ranking democrat on the house, thank you so much for being here. the immediate question for you is this, when do you get donald trump's tax returns? >> not yet, but this was an important step in getting us there, jonathan. and it is important to remember how we got to this point

the irs would insist that the assets that they were writing off actually had real life spans and weres completely threw their hands up and allowed all types of assets to be written off in this way. so, you know, it didn't always work this way, and like you said, it's in the hands of congress and the president to change it. >> you heard it here first, the entire american economy will not collapse if this is changed. people who defend this say that owners do have to repay the taxes if and when they sell the team, but that's like getting a massive interest-free loan from the government, and this is how super rich people operate. i'm just going to borrow and borrow and borrow, when regular people out there would never be able to get a loan like that from the government. >> sure, and not just that, i mean a lot of owners will die while holding their team. and if that happens and you pass your stake on to an heir, the heir never has to repay the taxes that you saved. that's just a loss for the american government. >> that's just a loss, and a gain for generational super wealth. robert, abso

how offer do you get good news from the irs? ou may be finding a gift in your bank account from them this morning and the latest from wall street. diane king hall with live. good morning. >>> good morning. trading has been underway for a little more than ten minutes here. >> right now on wall street you hear a bell. that's not the opening bell. likely another company making a public debut. we will have to look into that. let me tell you where the numbers. you have at least one record happening now. the jobless benefits. up to 13 million people -- before midmarch of 2020. the irs said the average just >> it sounds like a party behind you over there. >> i know. it's exciting down here. it's like -- a little bit of return to normalcy down here. >> it has to be a good thing. >> thank you. >> it is. >>> a live look now at levi stadium. we are counting down to the niners pre-season. now exactly a month to go. >> lot of excitement as the red and gold get back on the field and this morning we have some news about kickoff. joining us live

calls this season, fewer than 10% of colors actually reached a rep. >> please try your call again. >> the irs disputed the report's methodology, pointing to at least 2 million backlogged returns that are related to identity theft. the agency has processed 137 millioion individudual returnrn >>> famed d direct richard d do has passed awayay atat the age 9191. >> what a career! 82 directing credits to his name. donner is best known for helping bring the man of steel to the big screen in 1978's superman. he later went on to direct the cult clclassic, the gogoonies, lethal weapon fifilms. dodonner also o did his fair sh of television direct thing on shows such as gilligan's island, twilight zone, and tales from the crypt. >>> if you saw a big plume of smoke in san francisco today, this might have been why. a car erupted in flames in the tenderloin. the call went out just after 1:00 this afternoon and they knocked out the fire just about 45 minutes later. the video from citizen app shows the car engulfed in those flames. fire crews say no one was hurt. >>> continuing on our fire watch, new picture

we know we already have a wildly understaffed multiple government agencies, like treasury and the irs. will adding this further hurt our ability to collect tax money that's going to pay for stuff like this? >> you know, look, the proof is in the pudding. again, we were told you couldn't do a monthly child tax credit, it would be too difficult, you know, that social security took four years before it became monthly. this passed march 11th, arrives in people's bank accounts four months later, on the same day every month. this administration has shown that they can execute on this. this administration also believes, however, that this is a very high return investment. another high returning investment would be to increase enforcement in the irs for going after tax evasion from some of the largest companies, some of the richest individuals in the world who are not paying their share. these are two things that are the types of things you could have high investments, both making sure people are paying their fair share of taxes and then being able to use funds to do something like this histo

this is giving more power to the irs. the basis for a wealth tax and harassing and controlling americans. they've been slow off the mark. hope any they'll get the fire lit under them because if they don't, they're all going to be primaried. dagen: the american people, steve, are getting rolled. people who did choose to vote for owe biden who voted for knoll city -- joe biden who voted to take down the volume a little bit, this is a massive progressive agenda and expansion of government. and i said at the beginning the wall street editorial page said this, getting the middle class hooked on government handouts. there is no mandate. this is one -- i think the narrowest congressional majority in history. it's a 50-50 split in the senate, and this is fdr-like, 1933, or lbg-like, 1965. they do not -- lbj like. they do not have the backing of the american people on this. people be damn though. >> right. and that's what happened when aoc won her primary a couple of years ago. all the other democrats feared that would happen to t

the irs especially is understaffed and not able to catch every person who commits tax fraud. but it's -- the argument is that other people get away with this that doesn't mean there is a right for everyone else to get away with it too. it's illegal, it's illegal. talking to tax experts they said, look, if anybody comes across a scheme where a company is using a second set of books to hide income from the irs that's an easy case to prosecute and a case you have to prosecute because you let people get away with it it undermines the tax system. >> david talk to me about the loans out there due for refinancing at some point, personally guaranteed by donald trump and the loans that are not. there is some jeopardy to all money that you owe when there are state legal proceedings against you. >> certainly not good. we -- there is sort of two categories of trump loans, a big chunk of the money is on two properties with the company trump owns, bornado, a big going concern. a lot of debt and not a lot of income. i wouldn't worry about those. but the ones owns, the big loans on the trump

one of the big items on that list was irs enforcement. e were estimates in the hundreds of billions of dollars that investing in more auditing capability, more investigative capability, if the irs could produce those returns. so there was a political and mathematical process. the mathematical problem being that their estimates it would create all this revenue, and the congressional budget office did not necessarily agree. they were specifically very conservative in their estimates of what these things will generate. it did not really produce the number that i think a lot of the members were counting on. so the problem is political, which is that the party has campaigned for years and years, weakening the irs on campaigning on irs overreach. their view is that the irs should be weaker, not stronger. that is the mainstream republicans. while no one is going to stand up and put it in terms of we think we are going to keep allowing rich people to cheat on their taxes, you know, this is kind of where this discussion goes. democrats are complete

if you filed taxes and the irs has your information. the money should be automatically deposited into your bank account. if you did not file taxes during the past few years. he is still eligible for the payments. but you still have to sign up and that could be done to the irs website. eligible families can expect a direct payment every month through the end of this year. that will become a tax credit for the next year. coming up this hour during kron 4 news. >> state officials say billions of gallons of water has been stolen across california, but officials are doing to prevent this liquid waste. >> and it sports a look back at that wild finish between the giants and dodgers last night. plus the latest news around the and the nfl's covid protocols. we'll have that story. more coming up. ♪ unlock a summer of possibilities in a new chevy. expand your options... and your perspective. find your next adventure in a new chevy. enjoy the open road and make no monthly payments for the rest of the summer on select popular chevy suvs. plus, get in

. >> the new america, defend the police but add thousands of irs agents, we need senator moran to step: i don't give the enthusiasm for giving the irs more money to put more agents on a business in americans, it seems conservatives used to say simplify thehe tax code so you don't need as many irs agents, what is going on. >> that'st. exactly right what e should do is simplify the tax code and what we seen a lot of abuses out of the irs in many cases targeting conservatives and conservativee organizations for republicans to say we will spend $40 billion more in hiring additional tax enforcement agents within the irs and suggest somehow that's part of an infrastructure package, this is really again something surprising to a lot of us and i think as americans wake up to it these members will hear from their constituents, it makes no sense why republicans will be supporting that, nor does it make any sense as to why it would be an infrastructure bill to be funding $40 billion traditional irs agents. brian: always appreciate your thoughts on many important issues related to legislations inr

almost never brought as a criminal matter, but almost always a civil matter between the taxpayer, and the irs, and that seems to be accurate, but as the legal experts will tell you, it is not a legal defense, but if they can prove a crime here, that is all that matters. >> so, barbara, to ken's point, it is such a high profile case, and this is not any company that we are talking about here, and cy vance is going after one of the businesses of the former president, and explain this for us, and what are the chances that the fringe benefits are the only thing that we will hear about today, or is there something bigger at play that we just don't know about? >> as ken says, the reporting is tax avoidance scheme providing the fringe benefits without declaring them for tax purposes, but we also know that cy vance stated in court filings some months ago that he was investigating the trump organization for bank fraud and insurance fraud, and michael cohen said that the trump organization would routinely devalue the assets for income tax purposes and inflate them for loan purposes, and so it could be

the irs missed the headline to hand them over. when that didn't work, he sued.tember 2019, manhattan district attorney vai vans got into the act. trump continue to the challenge the oversight powers. he lost the election. shortly after he lost the supreme court case. in february this year, the supreme court allowed manhattan prosecutors to obtain trump's taxes. so they have it. earlier this month the top money man were charged with tax fraud in manhattan court. today, however, the ways and means committee finally got movement on their year's-long quest. the justice department under merrick garland says his tax returns must be released to congress soon. they could potentially be made public. a national complil reporter has been tracking these developments and jones me now. betsy, my understanding it's the supreme court the office of legal department gives legal direction that basically that office overturned a previous set of guidance that was offered during the trump administration. is that right? >> that's right. when trump's lawyers were in charge of the offic

if you are confident you should get it, the irs has a tool, just like the stimulus credit, a tracker.you should check it out. worst case scenario, you get a paper which can or claim it on your taxes down the road. >> you're saying perhaps to defer this and not take it or get the money later? that's going to be hard to convince people. it's going to be vary by family. some are going to get the full amount, nothing, the amount in between. because there's so much variation and people depend on getting a big tax refund, jayny usually gets a $9,000 tax refund. you're getting an advance on that. if you're used to the big refund in april you want to defer this and you can do that, just contact the irs. >> that's really good information. thank you, chris. chris and his team just made a how-to video, encapsulating what you saw here. it's about this child tax credit and how to delay it if you want to. you can watch it on our website. our streaming channels and youtube page. it's easy to find. just look up the how to play list. >>> all right, it's happening. the opening ceremony of the olympics

that part of the process is not quite where it needs to be in my view but the irs is working on it andprogram overall just has the ability to lift so many kids out of poverty, to improve so many families' lives. it's really impressive. >> john, the white house would ultimately like to make this permanent. so this is a big test for them, to get this right. >> absolutely, it is. this is a one-year program. they're now seeking in the follow-on legislation that they're going to try to pass over the next couple of months a four-year extension. they would of course like to make it permanent. but at more than $100 billion a year, it's a very expensive item. and there's a lot of other items on president biden's agenda that are very costly. but in line with what catherine was saying, you know, one of the core elements of what democrats have try to do over the last generation is try to ameliorate the growing income and wealth inequality we've experienced in this country. so what you have is millions of families who have been left behind as our society and our economy have diverged in terms of ou

check your bank account and the mail, the irs announced million will receive a refund of more than $1600or its program to adjust unemployment compensation from tax returns. the irs says it will continue reviewing and adjusting tax returns through the summer. >>> this developing story here now in arizona, a swarm of bees, they've left one person dead and five others suffering from multiple stings. that attack happened northwest of tucson. the swarming bees came from a 100 pound open beehive sitting in the back yard tree. those six people were just passing through that area when they were stung hundreds of times. >>> the navy charging a sailor for starting a fire that destroyed a warship docked off . the "bonhomme richard" burned extensive, electriccle and mechanical damage, it was scrapped when estimates the sai crew member and has been charged with aggravated arson. >>> new calls from flight attendants this morning to crack down on unruly passengers. the union has released a survey showing 17% of its workers have seen some kind of physical incident this year that includes touching, slapp

one of them is the possibility of abuse by the irs. i'm wondering what the administration's response to that is. ms. psaki: i think it is a deal agreed to by the bipartisan deal. what it would do is ensure the irs has the support, the staffing, and the resources needed to ensure the wealthiest americans are paying what they owe. we have some estimates of what that would raise in terms of pay force. those are quite conservative when you look at what many economists suggest across the board. it is a pay forward that was agreed to and one that does not violate what was a redline for many republicans which was doing anything to change the 2017 tax law. we will go to that when we go to reconciliation, but that was a redline as it related to these negotiations. >> we saw the president was exasperated when he was asked several questions about afghanistan. 20 years ago we were a nation full of people -- most americans were full of patriotism to go get those people who attacked their country in 2001. 20 years on, we seem to be average americans

the irs says that it expects to deliver monthly payments to about 39 million families. so families can make these plants long-term and we can provide the kind of opportunity that families. >> deserve in this spot. a group of democratic leaders is pushing to make the child tax credits permanent extending the program would be. >> part of their 3.5 tritlion dollar bill republicans on the other hand, are not on board with keeping the tax credits citing the hefty price tag and concerns over creating a second welfare program. >> for your money tonight. the irs announced it is refunding about 4 million people who overpaid their 2020 unemployment insurance tax taxpayers can now expect refunds in the coming days or today they will be direct deposited to some people's bank accounts beginning today. paper checks. we'll start being mailed on friday. taxpayers can expect to receive a refund of more than $1200 on average. .p>> 90,000 acres burned and no almost contained the latest on the buck worth complex fire. >> plus efforts to expand internet access. the big plan from lawmakers to