Treasury Department

@USTreasury ↗

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Last Checked Feb. 8, 2022

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Wed Sep 08 14:51:54 +0000 2021

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Treasury Department @USTreasury

For ordinary wage and salary income, tax compliance is nearly perfect. For opaque income streams that accrue disproportionately to the wealthiest, the IRS often lacks important information needed for enforcement & tax noncompliance can be above 50%. https://t.co/V7LKpUl8Kp — PolitiTweet.org

Posted Sept. 8, 2021

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Treasury Department @USTreasury

Why does misreporting rise w/ income? In part, higher-income taxpayers have ability to use highly-paid experts to shield income from its true tax liability. But also because of the info that the IRS has access to... — PolitiTweet.org

Posted Sept. 8, 2021

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Treasury Department @USTreasury

Today's under-resourced IRS is unable to collect 15% of taxes that are owed. Strikingly, as the IRS budget has declined, audit rates have fallen across the board, but they’ve decreased more in the last decade for high earners than for Earned Income Tax Credit (EITC) recipients. — PolitiTweet.org

Posted Sept. 8, 2021