Top 1% dodge $163 billion in annual taxes, Treasury estimates
The top 1% of Americans may be dodging as much as $163 billion in annual taxes, according to a report from the U.S. Department of the Treasury.
This estimate widens the so-called tax gap — the shortfall between how much is owed and collected — to $600 billion every year, the report outlines.
The Treasury doesn’t define income levels on its analysis of the top 1%, but says the lost revenue is equal to all the levies paid by the lowest-earning 90% of taxpayers.
“I think it’s a timely report because it’s crunch time right now,” said Chuck Marr, senior director of federal tax policy at the Center on Budget and Policy Priorities.