Recent news that student debt loan and defaults have now reached an all-time high is frightening. The only thing worse than $1 trillion in student loan debt is our $16 trillion long- term federal debt.
The IRS audit of returns in early 2012 revealed that Americans owed $450 billion from 2006. Subsequently, only $65 billion has been collected to date, leaving a balance of $385 billion from 2006 tax returns still unaccounted.
What about the millions of Americans who earn a comfortable six figure income while at the same time collectively owing billions in unpaid student loans?
Surely our Internal Revenue Service can run a cross check before completing a review of any individual or corporate filing. The IRS can also cross check with state and city tax collection agencies. Why continue processing billions in yearly tax refunds to individuals, corporations and former students who owe Uncle Sam hundreds of billions?
Just collecting 10 cents on the dollar could easily pay for all the additional Sandy storm emergency relief funding we are looking for from Washington.