Report: The Top 1% Cheat On $163 Billion In Taxes EVERY YEAR
We know the Bay Area is full of tech companies that rake in billions but pay no income taxes whatsoever. That’s infuriating, but unfortunately, completely legal thanks to accounting tricks and loopholes. What is not completely legal is just plain failing to pay your taxes. But the wealthiest 1% in America are skirting on their taxes at an astonishing rate, as the New York Times reports today that the 1% are evading $163 billion in taxes. That’s not just one time, that’s repeatedly every single year.
WASHINGTON — 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 new Treasury Department report https://t.co/VHOgCgZy6z
— Jonathan Lemire (@JonLemire) September 8, 2021
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“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 new Treasury Department report released on Wednesday,” the Times reports. “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.”
As we see from the above graphic from the full U.S. Treasury report, the top 1% are the biggest tax cheats in America. The 1% account for a full 28% of unpaid taxes. At the bottom of the ladder, the lowest 10% account for only 0.5% of unpaid taxes.
Bombshell report from the US Treasury this morning: The richest 1 percent of Americans aren’t paying $163,000,000,000 they owe in taxes each year. (Most other Americans are paying what they owe.)
— Robert Reich (@RBReich) September 8, 2021
Another staggering revelation in the Treasury’s report is that the sheer amount of taxes that the top 1% are evading is the equivalent of “all the income taxes paid by the lowest earning 90 percent of taxpayers.”
I found the people who are defunding the police. And the military, and our roads, and schools.https://t.co/mdmbncPAyB
— Dr. Alex Wild (@Myrmecos) September 8, 2021
Biden is trying to soup up the IRS to go after wealthy tax cheats, so you’re going to hear a lot of complete conservative bullshit about how the common folks should be worried about Biden’s IRS thugs pounding down their doors. Common folks don’t need to worry at all, Biden has said he will not increase audits on people making $400,000 or less.
But if you make $758,000 or more a year — which would put you in the top 1% — your tax bracket is cheating like mad, and many of you ought to have the IRS pounding down your door.