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The Internal Revenue Service (IRS) and the states should increase support for taxpayer assistance programs such as the Tax Counseling for the Elderly and the Volunteer Income Tax Assistance program
The IRS and state revenue departments should increase their efforts to make tax forms—including electronic forms, publications, and correspondence—more accessible and understandable.
The government should simplify the recovery of money withheld each year and reduce the need for older individuals who do not owe income tax to file tax returns.
The IRS should continue encouraging taxpayers to file electronically but maintain the option of paper filing without penalty.
Enforcement measures should be applied equitably across income classes and types of taxpayers.
The IRS should increase its audit rate and raise penalties for noncompliance.
In 2020, Americans owed $1.5 trillion in outstanding student loan debt, second only to mortgage debt.
Homeownership is crucial step to building wealth. Home equity is Americans’ largest asset.
The housing finance system is essential to creating a robust and competitive consumer mortgage market.
A reverse mortgage is a loan secured by the value of a home. It does not require payments as long as the borrower lives in the home.
Small businesses are a foundational element of the American economy. There are 30.7 million small businesses in the U.S., and they employ 47 percent of all workers.