US’s wealthiest 1% are failing to pay $160bn a year in taxes, report finds
While that would be a big boon, it's surprising that number isn't bigger. It seems we're regularly spending that as a sub portion of new bills, and accumulating multi-trillion dollar debts is happening regularly. So even if you could capture it, the US is still spending quite a bit compared to income.I also find the headline seeming to contradict what it says later: "Sarin said that tax gap – “the difference between taxes that are owed and collected” – amounted to “around $600bn annually and will mean approximately $7tn of lost tax revenue over the next decade.”"Not sure how we got from 600B to 160B. Also, isn't that closer to 6TN versus 7TN over a decade?Lastly, whatever these numbers are, I'm sure it in reality could be far, far larger if there weren't so many loopholes, strategies of long-term gains and loans, etc. I happen to have a friend that's ultra ultra rich, and he already has said Forbes estimate is completely off (way underestimated) and they have no idea what his real net worth is (as it's private companies and not public).Goldman & Credit Suisse have a much better idea of the true value here...