Audit: $14.5 Billion in Erroneous Earned Income Tax Credits

Audit: $14.5 Billion in Erroneous Earned Income Tax Credits:

"A recent audit showing the Internal Revenue Service handed out $14.5 billion in improper earned income tax credits in 2012 came as little surprise to budget watchers such as Alan Cole.

The fact that the erroneous payouts amounted to about 24 percent of the $63 billion Uncle Sam sent out in refundable earned income tax credits was nothing new as well."