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> Unreported income is the single largest reason that unpaid federal income taxes may amount to more than $600 billion this year, and more than $7.5 trillion ov
by kgin 6y ago
> Unreported income is the single largest reason that unpaid federal income taxes may amount to more than $600 billion this year, and more than $7.5 trillion over the next decade. It is a truly staggering sum — more than half of the projected federal deficit over the same period.
Wow, even managing to collect 100% of these taxes would still result in the US adding 7.5 trillion to the debt.
- rafaelc 6y agoI read it as saying that collecting 100% of federal income taxes would add $7.5 trillion in revenue over the next decade
- spaceisballer 6y agoNot sure where you’re getting that, it’s saying there is more than $600 billion in income going unreported (untaxed).
- kgin 6y agoThey said uncollected taxes over the next decade would total 7.5 trillion and that sum would be equal to half the total deficit over the same time period. To me that sounds like the total projected deficit over the next 10 years will be will be 15 trillion (assuming no additional taxes are collected, but 7.5T if 100% were collected)