IRS Funding Cut Days Before Report Shows $330 Billion In Uncollected TaxesQuicklink submitted by Joan Brunwasser Permalink
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|the Government Accountability Office publicly released a study1 showing that, as of the end of fiscal year 2010, roughly $330 billion in federal taxes had never been paid -- an amount that, if collected, would represent nearly nine times the amount of savings as the budget itself.
“If you look, you can find records of most capital gains income,” said Rob Shapiro, former U.S. Undersecretary of Commerce. “People deposit it in their bank accounts or the institutions may issue reports if it is capital gains on stock transactions. So it is not hard to pick it up if you have the manpower to look for it. And again, given that the salary of an IRS agent is at least as high as the average salary in America, the fact that there is a ten-to-one ratio for the returns on auditing tells you that [tax evasion] is coming from the high-income brackets.”
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