The Indicator from Planet Money
IRS information sharing, bonds bust, and a chorebot future
Apr 11, 2025
Discover the intriguing reasons behind the IRS's decision to share taxpayer information, spotlighting privacy concerns. Delve into the surprising drops in the bond and stock markets, highlighting investor anxieties. Laugh along as the podcast imagines a future where robots take over household chores, discussing the potential social impacts and the joys of automation. Explore the hidden contributions of undocumented immigrants to the tax system, illustrating their unexpected role in the economy. It's a blend of finance, technology, and humor!
09:27
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Quick takeaways
- The IRS sharing taxpayer information with Homeland Security raises privacy concerns and could impact compliance among undocumented immigrants contributing taxes.
- The simultaneous decline in stock and bond markets highlights investor uncertainty regarding U.S. government debt and prompts interest in foreign investments.
Deep dives
Tax Contributions from Undocumented Immigrants
In 2022, undocumented immigrants contributed approximately $59.4 billion in taxes, demonstrating that many are actively participating in the tax system despite their status. They contribute primarily through payroll taxes, often using borrowed Social Security numbers or Individual Taxpayer Identification Numbers. Interestingly, while they pay taxes, they typically do not receive the benefits associated with these contributions, such as Social Security or Medicare. Recent changes now allow the IRS to share some of their information with the Department of Homeland Security, raising concerns about privacy and the potential for reduced tax compliance due to fear of repercussions.
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