WASHINGTON – The Biden administration is planning to fund most of a massive investment in U.S. infrastructure and jobs by raising tax rates on the wealthy and on businesses. But a new study shows that wealthy individuals are already holding back about $175 billion in taxes every year through complex tax evasion schemes. Further, experts […]
“We estimate that 36% of federal income taxes unpaid are owed by the top 1%.” 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 […]
WASHINGTON — The Internal Revenue Service’s Criminal Investigation Division (IRS-CI) reminded taxpayers Friday to file accurate tax returns and choose a tax preparer wisely. The nation’s tax season started Friday, when the agency began accepting and processing 2020 tax year returns. U.S. persons are subject to tax on worldwide income from all sources. Most taxpayers […]
Democrats on the House Oversight Committee accused HHS officials of engaging in a “cover-up to conceal the Trump administration’s misuse of hundreds of millions of taxpayer dollars for partisan political purposes.” New documents released Thursday by Democrats on the House Oversight Committee reveal that Trump administration officials explicitly attempted to use a $250 million taxpayer-funded “public […]