$2 Tri Underground Economy: Obama Converts Us to Third World
Posted: Fri Apr 26, 2013 2:17 am
And Obamacare still keeps businesses from hiring:
"There's a lot of uncertainly about immigration changes and who will be legal, and about paying for Obamacare," she said, adding that most workers in the shadow economy are in the country illegally. "Government rules are keeping businesses from hiring."
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What the government is keeping track of is lost revenues. According to the Internal Revenue Service, about $500 billion in taxes were lost last year because of unreported wages, versus $384 billion in 2001.
"The effects of the underground economy are larger than we think," said David Fiorenza. "The result is less tax money paid to the various levels of government."
"Those working and not paying the taxes puts the burden on those who pay the tax," added Fiorenza. "Taxes could be lower if the government where able to capture the underground economy instead of raising taxes on those currently paying the various income and payroll taxes."
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"People are running out of patience when it comes to finding a job and losing income," Gonzalez said. "So it's not that surprising to have workers take jobs that are in the shadow economy. But it's a sign of how bad things are and how we have to get the real economy moving again."
$2 Trillion Underground Economy May Be Recovery's Savior