The rich win again.

The rich are really good at hanging on to it.

Quote:

The richest Americans are hiding more than 20 percent of their earnings from the Internal Revenue Service, according to a comprehensive new estimate of tax evasion, with the top 1 percent of earners accounting for more than a third of all unpaid federal taxes. That’s costing the federal government roughly $175 billion a year in revenue, according to the findings by a team of economists from academia and the IRS.

https://www.washingtonpost.com/busin...y-tax-evasion/

Quote:

In a remarkable 2019 analysis, the IRS estimated that Americans report on their taxes less than half of all income that is not subject to some form of third-party verification like a W-2. Billions of dollars in business profits, rent and royalties are hidden from the government each year. By contrast, more than 95% of wage income is reported. Unreported income is the single largest reason that unpaid federal income taxes may amount to more than $600 billion this year and more than $7.5 trillion over the next decade. It is a truly staggering sum — more than half the projected federal deficit over the same period.

https://www.timesfreepress.com/news/...4-tril/543717/

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