One in six dollars owed to the IRS are not being paid.
An astonishing number of wealthy Americans do not pay the taxes they owe. What is also astonishing is that some members of Congress appear to have that as a goal. You will see their efforts play out over the next few weeks in the very scary debate about federal debt. You will hear a lot of talk about our government running out of money. These politicians will focus on cutting federal spending rather than collecting money owed but not paid by tax cheats. Cuts to Social Security and Medicaid/Medicare will be predicted unless we “balance the budget’ and “eliminate the deficit”. These statements are intentionally misleading.