US’s wealthiest 1% are failing to pay $160bn a year in taxes, report finds – By Martin Pengelly (The Guardian) / Sept 8 2021
This amounts to 28% of the ‘tax gap’, treasury report says, which Biden proposes closing by empowering IRS to pursue aggressively
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.”
