Treasury Department

@USTreasury ↗

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Last Checked July 9, 2021

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Thu May 20 20:08:45 +0000 2021

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Treasury Department @USTreasury

A recent study found that the top 1% failed to report 20% of their income and failed to pay nearly $175 billion in taxes owed annually. Unpaid taxes come at a cost to American households, compliant taxpayers, and our communities. — PolitiTweet.org

Posted May 20, 2021

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Treasury Department @USTreasury

Nearly $600 billion of taxes went unpaid in 2019. The number will rise to about $7 trillion over the next decade if unaddressed—roughly equal to 15% of taxes owed. And we know that noncompliance is concentrated at the top of the wealth distribution. — PolitiTweet.org

Posted May 20, 2021

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Treasury Department @USTreasury

A top cause of the tax gap is insufficient resources. Budget cuts over the past decade have cut IRS capacity to address sophisticated tax evasion efforts. Over this period, audit rates for taxpayers making over $1 million in income have fallen by almost 80%. — PolitiTweet.org

Posted May 20, 2021