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The top 1 percent are evading $163 billion a year in taxes, the Treasury finds.
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| Contributor | RP |
| Last Edited | RP Sep 08, 2021 01:50pm |
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| Category | Report |
| Author | Alan Rappeport |
| News Date | Wednesday, September 8, 2021 07:20:00 PM UTC0:0 |
| Description | The wealthiest 1 percent of Americans are the nation’s most egregious tax evaders, failing to pay as much as $163 billion in owed taxes per year, according to a Treasury Department report released on Wednesday.
The analysis comes as the Biden administration pushes lawmakers to embrace its ambitious proposal to beef up the Internal Revenue Service to narrow the “tax gap,” which it estimates amounts to $7 trillion in unpaid taxes over a decade. The White House has proposed investing $80 billion in the agency over the next 10 years to hire more enforcement staff, overhaul its technology and usher in new information-reporting requirements that would give the government greater insight into tax evasion schemes.
The proposals have been met with deep skepticism from Republicans and business lobbyists who argue that the I.R.S. cannot be trusted with more power and that the proposals are an invasion of privacy. |
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