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CBS News reported on an analysis by the U.S. Treasury showing that the richest Americans avoid paying $163 billion each year.
The top 1% of Americans are avoiding paying an estimated $163 billion in taxes a year, according to the Treasury Department. In contrast, more than 99% of taxes on regular incomes — paid via a paycheck — get paid.
That discrepancy is pushing the estimated tax gap, the amount of money owed by taxpayers that isn’t collected, to nearly around $600 billion annually, and to approximately $7 trillion in lost revenue over the next decade, the Treasury Department finds.
Tax evasion is concentrated among the wealthy in part because high-income taxpayers are able to employ experts who can better shield them from reporting their true incomes, the Treasury Department argued in a blog post. More complicated incomes such as partnerships and proprietorships – more frequent among high earners — have a far greater noncompliance rate that can hit as high as 55%.
“The tax gap can be a major source of inequity. Today’s tax code contains two sets of rules: one for regular wage and salary workers who report virtually all the income they earn; and another for wealthy taxpayers, who are often able to avoid a large share of the taxes they owe,” wrote Treasury Deputy Assistant Secretary for Economic Policy Natasha Sarin.
Meanwhile our roads, bridges, tunnels, and other vital infrastructure are underfunded. Schools need to invest in physical improvements. Class sizes are too large, especially in urban districts. Teachers are underpaid in comparison to other professionals with the same education credentials.
Taxes are too low on those who can most afford to pay them. Tax avoidance is thriving while our society’s basic needs are not.
It’s past time for nation building at home.