ICYMI: Top 1 Percent Evading $163 Billion a Year in Taxes

Today, new analysis from the Treasury Department found that the wealthiest 1 percent of Americans are evading $163 billion a year in taxes.

The New York Times summarizes: "The wealthiest 1 percent of Americans are the nation's most egregious tax evaders, failing to pay as much as $163 billion in owed taxes per year, according to a Treasury Department report released on Wednesday."

The story continues, "The Treasury Department estimates that its tax gap proposals could raise $700 billion over a decade…"

And the New York Times concludes that the Biden administration's tax enforcement proposals will focus on the suber-wealthy, writing: "Tax compliance rates are high for low- and middle-income workers who have their taxes deducted automatically from their paychecks. The rich, however, are able to use accounting loopholes to shield their tax liabilities."

Read the Treasury Department's analysis here.