The Richest 1% Of US Did Not Pay 163,00 Million In Taxes In 2020

The richest 1% of the United States evaded 163,000 million dollars in taxes last year , or what is the same, almost 30% of the country’s tax gap. According to the latest Treasury Department report, the total gap of $ 600 billion will mean a loss of tax revenue for the United States of $ 7 trillion over the next ten years .

For their part, the richest 5% of taxpayers failed to pay about $ 307 billion , that is, more than 50% of the gap that measures the taxes owed compared to the taxes collected.

In addition to having access to accountants, tax preparers and other services that help them avoid their tax obligations, the top earners are aware that the US government does not have the resources to pursue the evasion of income from opaque sources . such as partnerships, landlords and rental income, and can evade taxes without fear of retaliation.

Figures that, according to the United States Department of the Treasury, contribute to fueling economic inequality in the country and put legislators in the position of applying unpopular measures , such as “increasing deficits, reducing spending on important priorities or a new increase in taxes to compensate for the loss of income. “

The extent of tax evasion by wealthy Americans could exceed Treasury Department forecasts and reach a trillion dollars evaded , according to Charles Rettig, commissioner of the US Internal Revenue Service (IRS).

Biden’s plan
As part of his plan to boost the economy, President Joe Biden seeks to expand the IRS network. To do this, it wants to increase its budget by $ 800 billion over the next ten years, which it estimates would raise an additional $ 700 billion during the same period . Likewise, it has been proposed to reinforce the number of agents specialized in prosecuting tax crimes.

Both Republicans in Congress and business lobbies are strongly opposed to this measure, despite the fact that the amount not collected represents 3% of the GDP of the United States, the equivalent of the total of what 90% of taxpayers pay with lower income.

While, according to Forbes , the calculations of the Congressional Budget Office indicate that said collection would not exceed 200,000 million dollars , the Treasury maintains that these additional revenues could reach 1.6 trillion dollars in uncollected tax revenue during that period. , compared to the estimates managed by the Biden administration.

On the other hand, in March of this year, Biden’s plan to increase the capital gains tax for the richest people from 20% to 39.6% was made public . A percentage that could reach 43.4% if combined with an existing extra tax on investment income.