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With all of those millions of people out there in America owing back taxes, the government is missing some revenue it could put to use. We can only imagine the total amount that is owed. To eliminate this, the government is trying to promote the idea of settling tax debt with the IRS. This means instead of paying the whole amount, the individual can make an offer to the IRS of what they can pay back. Through various negotiations and documentations, the IRS will come to a figure for you to pay back in monthly installments. There may be a bit of interest to pay on the amount that has been forgiven on you, but even this will not come back up to the original amount unless you miss payments and receive other penalties. However, according the IRS once the settlement is made, the payments are the tax payer's responsibilities, and they do have a point in saying this.
The more people who settle their taxes, the better the situation will be for the government. They will be taking in more revenue, even if it's not the amount owed, and they can put it towards other programs and anything else that needs funding. In this way, they hope to get the economy in better shape. It might be a long shot, but say for example that one billion dollars is owed in back taxes. If they even get back 25% of this, they will be receiving $250,000,000. That is enough to cover almost a third of the new stimulus package. It really does add up. So for them dealing with back taxes is important enough to assist you by reducing your debt.
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