Rich people are dodging more taxes
than the IRS realized, study finds
Posted By: Ribicon, 3/22/2021 2:41:22 PM
The richest Americans use crafty methods to dodge taxes on far more income than the feds previously thought, a new study shows. The Internal Revenue Service tries to catch high-income tax evaders with random audits—but they often fail to spot complex schemes that the wealthy employ to hide income, such as offshore bank accounts and pass-through businesses, according to the paper published Monday. In all, the nation’s richest 1 percent fail to report 21 percent of their actual income—and 6 percentage points of that stems from “sophisticated evasion” strategies that federal audits miss, IRS and academic researchers estimate. The bottom 50 percent
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Kamala Harris’ apparent refusal to salute
military honor guard panned as ‘disgraceful’
disrespect 40 replies
military honor guard panned as ‘disgraceful’
disrespect 40 replies
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Comments:
Of course they do, which is why "soak the rich" schemes always fail. And that's not even broaching the so-called charitable trusts the top elites had enacted for themselves, to hide their incomes. The tax code should have been simplified decades ago, but our government cares far more for the costly tax attorneys, accountants, and massive IRS bureaucracy etc needed to support our intentionally abstruse filings than they do for the common slob.