U.S. Treasury cash supply tight as rich Americans delay paying taxes

By Max Ehrenfreund and Damian Paletta, The Washington Post

Blank Social Security checks are run through a printer at the U.S. Treasury printing facility February 11, 2005 in Philadelphia, Pennsylvania. – By Bloomberg News

Wealthy Americans and business owners are putting off paying taxes in the hopes that Republicans will deliver big cuts, leaving the government increasingly short on cash and accelerating its crash into the debt ceiling.

Federal data and anecdotes from tax advisers reveal a significant number of taxpayers are postponing cashing out on investments and other financial decisions, hoping to pay less later if the White House and congressional Republicans pass a huge reduction in tax rates.

The Treasury Department had $177 billion in its cash account as of Tuesday, a cash pile that it is drawing down because the government is limited in how much it can borrow by the debt ceiling.

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Source: News Now/The Denver Post/Washington Post

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About Cholo Brooks 12612 Articles
Joel Cholo Brooks is a Liberian journalist who previously worked for several international news outlets including the BBC African Service. He is the CEO of the Global News Network which publishes two local weeklies, The Star and The GNN-Liberia Newspapers. He is a member of the Press Union Of Liberia (PUL) since 1986, and several other international organizations of journalists, and is currently contributing to the South Africa Broadcasting Corporation as Liberia Correspondent.