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 […]
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 […]
“Anyone who thinks that the only lesson to be learned was the need to improve what we were already doing, or to refine existing systems and regulations, is denying reality.” Vatican News/YouTube In his third encyclical Sunday morning, Pope Francis denounced free market capitalism and the “magic” theory of trickle-down economics, saying the coronavirus […]