1% Tax Dodgers Owe $175 Billion Annually “The Ultra-Wealthy Play By Different Rules Than The Rest Of Us”

  • A new analysis by IRS researchers and academics published Monday morning estimates that the richest 1% of U.S. households don’t report around 21% of their income, often using complex tax avoidance strategies that allow them to outmaneuver the federal government’s increasingly rare audits of the wealthy.
  • The authors write, “We estimate that 36% of federal income taxes unpaid are owed by the top 1% and that collecting all unpaid federal income tax from this group would increase federal revenues by about $175 billion annually.”
  • Rep. Ro Khanna (D-Calif.) introduced legislation that would bring in $1.2 trillion in federal revenue over 10 years. “We know our tax system is broken, and it’s long past time we start fixing it,” Khanna said in a statement. “The ultra-wealthy play by different rules than the rest of us.”

See full story here.



Categories: Business, Government

Tags: , , , , , , , , , , , , , , , , , , , , , , , , , ,

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

<span>%d</span> bloggers like this: