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Interesting theory but the Treasury IG report shows the IRS doesn't even pursue hundreds of thousands of high-income individuals who do not file taxes at all. T
by eli 6y ago
Interesting theory but the Treasury IG report shows the IRS doesn't even pursue hundreds of thousands of high-income individuals who do not file taxes at all. The top 1% of earners account for 70% of underreporting of income.
https://www.treasury.gov/tigta/auditreports/2020reports/202030015fr.pdf https://www.treasury.gov/tigta/auditreports/2020reports/2020...
- czbond 6y agoWow - that's nuts. Thanks for posting; And here I stress out to make sure the exact amount I owe is correctly reported. Oh well, better to sleep at night soundly on that issue!
- eli 6y agoSame, I spend a lot of time trying to get it right. It’s incredibly frustrating that it is so politically unpopular to fund the IRS at an appropriate level even though each dollar spent would generate more than a dollar in tax revenue.
- vonmoltke 6y agoThat report is very enlightening, and makes clear that the IRS is not doing their job WRT high-income non-filers. However, I don't see from its numbers how you arrived at > The top 1% of earners account for 70% of underreporting of income. since it only ever addresses non-filers and doesn't mention, from what I could see, percentile brackets for the filers it does discuss.