“The Treasury Department can and should exercise the full extent of its regulatory authority to limit this blatant abuse of our tax system by the ultrawealthy.” Four U.S senators this week called on Treasury Secretary Janet Yellen to use her existing authority to go after American billionaires and multimillionaires who “use trusts to shift wealth […]
WASHINGTON – The richest Americans are failing to pay hundreds of billions in taxes they owe the government, a new U.S. Treasury report contended Wednesday. The report said the top 1% of taxpayers last year failed to pay about $163 billion in taxes, accounting for about 28% of the total of $600 billion in unpaid […]
WASHINGTON – The Biden administration says wealthy Americans withhold more than $600 billion in unpaid taxes from the Treasury every year, and it has proposed a detailed plan to bulk up the Internal Revenue Service’s enforcement arm in an effort to increase tax compliance among high net worth individuals. Total unpaid taxes “will rise to […]
“Burning it down on the way out the door. There is no reasonable justification for this.” Treasury Secretary Steve Mnuchin is under fire for attempting to undermine the incoming Biden administration’s response to the Covid-19 pandemic on his way out the door after his department confirmed Tuesday that it intends to place $455 billion in […]