The top 1% of Americans may be avoiding as much as $163 billion in annual taxes, according to a report from the U.S. Department of the Treasury.
"Increased funding will allow the IRS to hire additional specialized examination personnel to raise audit coverage in these areas," Rettig wrote.from Syracuse University found.
While audits have fallen across the board, scrutiny has dropped faster for wealthy taxpayers than low- or moderate-income filers claiming the, including basic information about customers' deposits and withdrawals, may significantly help to close the tax gap.Senior director of federal tax policy at the Center on Budget and Policy Priorities
"What's critical for Congress to realize is that [the proposal] needs to be comprehensive," said Marr. "It needs to have the funding for the people, the computers and the information." While lawmakers dropped the measure from the infrastructure bill, there seems to be bipartisan support to fund increased staffing and computers, Marr said.Industry groups, such as the American Bankers Association, the Bank Policy Institute and the Consumer Bankers Association, haveStill, some policy experts believe increased IRS funding may be passed through so-called budget reconciliation.
"I expect a continued strong push," Marr said. "There's no reason that a robust proposal shouldn't be in the final bill."
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Too many ultra-rich people skip taxes, Treasury official says. Why? Because they canThe top 1% of taxpayers account for approximately $163 billion of the country’s estimated $600 billion annual gap between taxes owed and taxes paid, Treasury official says.
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