A new Treasury Department report finds that the United States is losing $163 billion per year because of tax evasion by the top 1% of earners. The story is mind-numbingly familiar: phenomenally rich people finding new and creative ways to boost their wealth even more by cheating the rest of the responsible, taxpaying public.

The $163 billion that the richest 1% evade annually accounts for a whopping 28% of all unpaid taxes by Americans, according to the report by Natasha Sarin, deputy assistant Treasury secretary for economic policy. That total lost revenue accounts for 3% of gross domestic product and is equal to all of the taxes actually paid by the lowest-earning 90% of taxpayers, she added in a Sept. 7 report.

(0) comments

Welcome to the discussion.

Keep it Clean. Please avoid obscene, vulgar, lewd, racist or sexually-oriented language.
PLEASE TURN OFF YOUR CAPS LOCK.
Don't Threaten. Threats of harming another person will not be tolerated.
Be Truthful. Don't knowingly lie about anyone or anything.
Be Nice. No racism, sexism or any sort of -ism that is degrading to another person.
Be Proactive. Use the 'Report' link on each comment to let us know of abusive posts.
Share with Us. We'd love to hear eyewitness accounts, the history behind an article.