$385 Billion: What The Treasury Got Cheated On Tax (Tax Gap Report)

September 27, 2012 3:58 pm

People underreporting income is common. Overstatement of deductions or other benefits also exists. Non-payment of taxes owed is also not very rare. The problem is, these things add up. We spotted this today:

“In August, the IRS issued yet another Tax Gap report. The IRS estimates that in 2006 alone, the Treasury missed out on $385 billion in revenue due under the current tax law from a combination of underreporting of income, overstatement of deductions or other benefits, or non-payment of taxes owed. To put that in perspective, increased revenue of $385 billion annually likely would be enough to make the Bush tax cuts permanent and to permanently patch the Alternative Minimum Tax.”

Statistics Source: CapitalGainsAndGames

We had spotted the amount of food wasted earlier.

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