Disclosure for tax purposes

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Description:

Almost every local economic system requires its citizens to pay taxes. Also companies have to pay taxes, as they are separate legal entities. To be able to record, properly charge, and demand taxes where needed, information needs to be collected from the tax payers. The tax payers need to disclose quite a substantial amount of personal finance information for the tax system to function properly. The tax organizations need to know when taxes are due and by whom. In order to prevent fraud, again, personal data is needed. Not only personal finance data is collected, but also the address, name, family size, marital status, age, and other personal information is collected.

Enablers:

  1. Tax law
  2. Social organization/benefits
  3. Data Warehousing

Inhibitors:

  1. New government regulation
  2. Progression of fraudulent tax activities
  3. Identity theft
  4. Administration ruling (e.g. having to keep records for 7 years for tax purposes)

Paradigms:

Old: Irritation about taxes, but the irritation is cost-related
New: Irritation about the cost-related impacts of taxes, but also about the 'big brother' idea that the government has even more information on you. Disclosure is accepted, as long as the information is used to make the taxing process less tedious and the disclosed information is protected and secured very heavily.

Experts:

Timing:

Web Resources:

Gramm-Leach-Bliley Act