Doc Edward Morbius ⭕The I.R.S. Is Outgunned
... The beneficiaries of a gutted I.R.S. are the elite. Even if all taxpayers were equally likely to evade their liabilities, the benefits to the top 1 percent from underpaying would still be significant: 1 percent of this $7.5 trillion, or $75 billion. But the top 1 percent share of the tax gap is at least 30 times this amount, more than $2 trillion in the coming decade.
...If the I.R.S. were able to collect the unpaid taxes that the top 1 percent owe — absent any increases in top tax rates or new system of wealth taxation — enough revenue would be generated to wipe out student debt...
... Compliance rates for ordinary wage and salary workers are 99 percent because their taxes are automatically withheld. In contrast, richer Americans are more likely to have items like capital gains, rental income and proprietorship income ... up to 55 percent of the income from such sources can be unreported, and thus untaxed. ...
https://www.nytimes.com/2020/10/02/opinion/irs-tax-income-inequality.html
#irs #taxes #inequality #WealthIsPower #TaxAvoidance #NatashaRSarin
Doc Edward Morbius ❌