For each year from 2014 to 2016, taxpayers failed to pay an estimated $496 billion in owed taxes, the Internal Revenue Service said. IRS researchers projected that for 2017-19, that yearly gap could rise to $540 billion.
There’s a difference between the amount of taxes that people and businesses owe the Internal Revenue Service and the amount they actually pay.
After compliance efforts — including audits — and late payments, the estimated yearly gap in those years narrowed to $428 billion, researchers said. IRS researchers projected that for 2017–19, that yearly gap could rise to $540 billion, a number that could then drop to $470 billion after enforcement and late payments.
Multiple Republican elected officials and candidates have suggested in the run-up to next month’s midterm elections that if voters switch congressional control from Democrats to Republicans it would keep an army of 87,000 IRS agents from targeting them. The IRS admits there’s a lot it doesn’t know. It’s difficult to get to grips with the extent of noncompliance from such possible income sources as cryptocurrency, offshore accounts and corporate income-tax obligations, the agency said.
Different projections from the Treasury Department said $600 billion in tax revenue was going uncollected, and the top 1% of taxpayers were allegedly responsible for more than one-quarter of that missing revenue.
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