NOTEBOOK – ONE GOOD READ: The case for a robust attack on the tax gap
JOE GARDYASZ Sep 9, 2021 | 7:51 pm
1 min read time
140 wordsBusiness Record Insider, The Insider NotebookSome individuals among America’s super-wealthy are serious tax scofflaws, a high-ranking Treasury Department official said this week. As MarketWatch reported, a U.S. Treasury article makes the case for increased funding for the Internal Revenue Service to step up enforcement of noncompliant taxpayers. The top 1% of taxpayers account for approximately $163 billion of the country’s estimated $600 billion annual gap between taxes owed and taxes paid, wrote Natasha Sarin, deputy assistant secretary for economic policy. That’s more than a quarter of the missing tax revenue, Sarin noted in a new article on the Treasury Department’s website. “Today’s tax code contains two sets of rules: one for regular wage and salary workers who report virtually all the income they earn; and another for wealthy taxpayers, who are often able to avoid a large share of the taxes they owe,” she wrote.