The wealthiest 1% of Americans are responsible for more than $160bn of lost tax revenue each year, according to a new report from the US treasury.
Natasha Sarin, deputy assistant secretary for economic policy, said: “A well-functioning tax system requires that everyone pays the taxes they owe.”
According to the treasury report, the wealthiest 1% of US taxpayers are responsible for an estimated $163bn in unpaid tax each year, amounting to 28% of the “tax gap”.
Sarin said that tax gap – “the difference between taxes that are owed and collected” – amounted to “around $600bn annually and will mean approximately $7tn of lost tax revenue over the next decade.”
The Biden administration proposes closing the tax gap by empowering the Internal Revenue Service (IRS) to more aggressively pursue unpaid taxes, at a cost of $80bn and in the process helping fund the president’s ambitious domestic economic agenda.
Republicans in Congress and lobbyists for business are united in opposition to the proposal to shore up tax enforcement.
“The sheer magnitude of lost revenue is striking,” Sarin wrote. “It is equal to 3% of GDP, or all the […]
If this was occurring in another country we would have no problem naming it – Corruption. Since is it the US the Corporate Media turn a blind eye. Note: This article is from a British publication.