In Jennifer Liberto's article, Wall Street reform: What's in the Bill, that was posted today on CNNMoney.com, she outlines some of the just negotiated, key provisions, between the Senate's Bill and the House's Bill.
The Financial reform bill covers issues, ranging form creating a new consumer agency, access to credit scores for consumers, debit card swipe fees, banning "lair" loans and mortgage help for unemployed. The bill, also gives expanded power to Federal Regulators, this includes: the creation of a new 10-member oversight council with expanded powers for the Treasury Secretary, gives the FDIC new powers for dealing with large financial firms and the ability to break-up those companies, gives the Government Accountability Office (GAO) the power to review the Fed activities, including auditing the Fed. In addition, banks and financial firms will be subject to additional taxes to cover the cost of implementing the Financial reform Bill. Check out her articles for additional details of what is currently on the table and will soon to be voted - possibly as early as next week.
Earlier this year, PA launched an aggressive amnesty campaign to collect back taxes owed to the PA Department of Revenue. Apparently, PA's amnesty campaign was extremely effective. According to Governor Rendell, the PA amnesty program brought in $261 million in previously uncollected revenue. The goal of the program was $190 million.
Because of the program's success, the state revenue agency and Governor Rendell plan on implementing new measures to go after additional back taxes owed. The Governor will be requesting additional money to fund the budget to hire additional revenue agents.
It should come as no surprise to anyone, that as the budget shortfall in the majority of states continues to be a problem each state will evaluate ways to collect moneys owed in back taxes. This may include implementing amnesty programs, hiring additional revenue agents and taking a much more aggressive stance in regards to collecting back taxes owed.
Now is not the time to try and evade or avoid paying taxes owed as it can lead to hefty fines, penalties and possible criminal charges for tax evasion.