From the Guardian, US taxation: US’s wealthiest 1% are failing to pay $160bn a year in taxes, report finds Excerpt:The wealthiest 1% of Americans are responsible for more than $160bn of lost tax revenue each year, according to a new report from the US treasury. Natasha Sarin, deputy assistant secretary for economic policy, said: “A well-functioning tax system requires that everyone pays the taxes they owe.” According to the treasury report, the wealthiest 1% of US taxpayers are responsible for an estimated $163bn in unpaid tax each year, amounting to 28% of the “tax gap”. Sarin said that tax gap – “the difference between taxes that are owed and collected” – amounted to “around $600bn annually and will mean approximately $7tn of lost tax revenue over the next decade. The Biden administration proposes closing the tax gap by empowering the Internal Revenue Service (IRS) to more aggressively pursue unpaid taxes, at a cost of $80bn and in the process helping fund the president’s ambitious domestic economic agenda. If I were living in the US, I would be hugely-indignant as regards this finding. That level of "rip-off" from the American Tax Authorities is worth jail-time! This consequence of a detailed analysis is the direct from our own stoopidity as regards a given political party and having voted their people into presidencies that determine Income Taxation. I can't believe the Dems having known and put up with this huge taxation-mistake - but if they did know then they deserve the same public condemnation. Yes, we should feel ashamed of ourselves - but of course, some will say, "how did we know?" Quite right - after all it took a great deal of work to get at the actual-truth about Untaxed Income that was owed but not paid because nobody supposedly new about it. (The research that "outs" this fact was authored by an Natasha Sarin, deputy assistant secretary for economic policy in the Biden Administration.) But, now you-the-taxpayer know and that is even far more important! Maybe we shall see how well this info impacts taxpayer-indignation. Could be that we Yanks just don't give a damn any more, the abusage on both sides has been so great historically in LaLaLand on the Potomac. So, if you want to know who really-'n-truly is to blame finally, just look in the mirror! Though, even if I count myself in that group, I don't really know what can be done about it ... !