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Mon Jan 7, 2013, 07:40 AM

Tax Avoidance On the Rise: It's Twice the Amount of Social Security and Medicare by Paul Buchheit

http://www.commondreams.org/view/2013/01/07


Protesters gathered in the Minnesota state capitol rotunda in April of 2010. (Fight Back! News/Kim DeFranco)

***SNIP


1. Tax Expenditures: $1.25 trillion

These subsidies from special deductions, exemptions, exclusions, credits, capital gains, and loopholes are estimated to be worth 7.4% of the GDP, or about $1.1 trillion. They largely benefit the richest taxpayers. Business subsidies bring the total to $1.25 trillion.

That alone is almost enough to pay for Social Security ($884 billion) and Medicare ($524 billion).

But there's so much more.

2. Tax Underpayments: $450 billion

According to the IRS, 17 percent of taxes owed were not paid in 2006, leaving an underpayment of $450 billion. The largest share of that came from underreporting of income.

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Reply Tax Avoidance On the Rise: It's Twice the Amount of Social Security and Medicare by Paul Buchheit (Original post)
xchrom Jan 2013 OP
Scuba Jan 2013 #1
SoapBox Jan 2013 #2
uponit7771 Jan 2013 #3

Response to xchrom (Original post)

Mon Jan 7, 2013, 07:44 AM

1. K&R

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Response to xchrom (Original post)

Mon Jan 7, 2013, 10:21 AM

2. Kicked

...thanks for the post xchrom.

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Response to xchrom (Original post)

Mon Jan 7, 2013, 11:10 AM

3. +1...I've been told this is PART of the reason why Greeces gvt doesn't get the revenue that it needs

...is because the top 10% avoid paying anything at all cost

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