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The losses of US tax evasion are the size of the Iraqi economy


yota691
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The losses of US tax evasion are the size of the Iraqi economy

 
Friday - Safar 2 1443 AH - September 10, 2021 AD Issue No. [15627]
 
 
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The United States annually loses about 163 billion dollars in taxes that the country's richest people have not paid (Reuters)

The US Treasury revealed that the United States loses about $163 billion annually in unpaid taxes, the country's richest people.
The volume of tax evasion in the United States is equivalent to the gross domestic product of countries such as Iraq ($ 167 billion, according to World Bank estimates in 2020), or Ukraine expected from the International Monetary Fund in 2021 (164.5 billion dollars), or the United Nations estimates of Hungary's economy in 2020 (163 Billion dollar).
And the US Treasury added, in the context of a post published Wednesday on its blog on the Internet, that there is a rate of one percent, representing the highest annual income among Americans, responsible for about 28 percent of all losses incurred in the tax collection.

 
 
Natasha Sarin, the Treasury's deputy assistant secretary for economic policy, wrote in the blog that the current tax system has two categories; The first is wage and salary workers who file their annual income tax returns, and the other category is wealthy taxpayers who often manage not to pay a large part of their tax debt.
The report comes as the number of Americans applying for new unemployment benefits fell last week to the lowest level in nearly 18 months, providing more evidence that labor shortages, rather than reduced demand, have hampered job growth.
The US Department of Labor said, on Thursday, that applications for government unemployment benefits submitted for the first time fell by 35,000 to a seasonally adjusted level of 310,000 applications for the week ending September 4th. This is the lowest level since mid-March 2020, when the authorities imposed closures on non-essential activities to slow the first wave of the Corona virus. Economists polled by Reuters had forecast 335,000 orders in the latest week.
Claims have fallen from a record peak of 6.149 million in early April, but remain above the 200,000-250,000 range that is consistent with a strong labor market.
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8 hours ago, yota691 said:

wealthy taxpayers who often manage not to pay a large part of their tax debt.

They forgot to add, using completely legal means written into the tax code by our very own US Congress. 
 

“I have never understood why it is "greed" to want to keep the money you have earned but not greed to want to take somebody else's money.” 
 Thomas Sowell,

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16 minutes ago, WISKY291 said:

Maybe if biden wouldn't leave billions of dollars worth of equipment in other country's, we wouldn't have to pay more taxes.. That just made me sick.. I don't want to pay taxes if this is the crap that they will be doing.. Wasteful spending of our money should be illegal..

Couldn't be more true WISKY. Just some of the terrible waste from this administration.

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2 hours ago, Half Crazy Runner said:

They forgot to add, using completely legal means written into the tax code by our very own US Congress. 
 

“I have never understood why it is "greed" to want to keep the money you have earned but not greed to want to take somebody else's money.” 
 Thomas Sowell,

YES the gov wrote for the wealthy. I wonder why?!?  So let’s pretend you get elected to a high ranking seat in the government. After a few years you set up a wonderful charity said to be helping thousands of people. After a wile certain groups start giving money to your charity, lots of it. And of course you are the the head guy so you need compensation for keeping the doors open of said charity. 2 or 3 hundred thousand sounds about right. That 50k gov seat is really only worth the deals made. 
 

There is a web site that list charities and how they use their funds. It’s amazing how much CEOs of free money orgs get paid!  
 

so again- why do the wealthy have tax breaks?

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I wonder if we will see a new global tax enforcement group with the growth and global acceptance of the UN and IMF, it would make sense to see a parallel IRS as the UN is to the USA as the IMF is to the FED. It will be established as a digital enforcement arm of the IMF with distribution back to the international countries. Soon we will see the Global Digital Commerce Board, GDCB. Just my morning thoughts for a solution to manage a global digital fiat currency.

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4 hours ago, ametad said:

I can hear the pitch now, let the IMF regulate all digital transactions and each country will maintain their sovereignty with control of commerce of physical goods within their borders and all transactions in their native currency. Then, BAM 💥 the SDR is King of Planet Earth. 

Saudi Arabia and other opec nations have already dumped the petrodollar. August 24 Saudi signed a pact with Russia - oil for military. Nigeria as well signed the same deal removing the dollar from oil sales. So yeah the SDR is on the way!

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It has always amazed me that the irs says that we owe a certain percentage of our income in taxes.  And then they start giving us ways (deductions)to legally get out of paying those taxes.  What is it?  Do you want our taxes or not?  

 

Don't take this wrong; I am all for the deductions.  I take every one of them that I can without getting in trouble.  I has some tax issues about 30 years ago and I never want to go through that again.  If our tax code was a lot simpler, then we probably wouldn't have a need for the irs.  But that's just my dream, and it will probably never happen.

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2 minutes ago, shixjr said:

It has always amazed me that the irs says that we owe a certain percentage of our income in taxes.  And then they start giving us ways (deductions)to legally get out of paying those taxes.  What is it?  Do you want our taxes or not?  

 

Don't take this wrong; I am all for the deductions.  I take every one of them that I can without getting in trouble.  I has some tax issues about 30 years ago and I never want to go through that again.  If our tax code was a lot simpler, then we probably wouldn't have a need for the irs.  But that's just my dream, and it will probably never happen.

Now the are just going to monitor everything you do with your money 

 

 

https://home.treasury.gov/system/files/131/General-Explanations-FY2022.pdf

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I wrote a check to my wife of 38 years yesterday from one of our bank accounts to another account in my name at another bank.  I wanted to transfer some money from one account to another and it would take at least two days if I did it electronically.  The bank would not let her deposit the check written to her into that account because they said she was not on the bank account she was trying to deposit the check into!  She had to bring the check back to our office and I had to sign the BACK of the check that I had signed on the front!  And it was a small check for only $250!

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14 hours ago, shixjr said:

If our tax code was a lot simpler, then we probably wouldn't have a need for the irs.  But that's just my dream, and it will probably never happen

The tax code is so enormous that there isn’t a single human who knows all the rules. My husband (who is a tax attorney) has been advocating for years for a simple tax system like the Fair Tax. Not only would most people pay considerably less, but all of the complex deductions and multi-page returns wouldn’t be necessary (virtually putting him out of work 😁). Congress is dead set against this, which should tell you something…

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