Eastern Adams County's Only Independent Voice Since 1887

Tax cheats aided in debt ceiling fight

The federal debt ceiling crisis was averted, but tax cheats benefited.

The Inflation Reduction Act of 2022 contained $79 billion for the Internal Revenue Service, $45 billion of it was to audit individuals or businesses making over $400,000 annually to catch those not paying their taxes. Funding cuts for many years rendered the IRSlargely unable to audit the wealthy.

Currently, the amount in taxes owed but not paid totals nearly $7 trillion over a decade; three-fifths is held by top 10% of taxpayers, more than one-quarter by top 1%. (Brookings Tax Policy Center).

U.S. House Republicans’ Limit,...

 

Reader Comments(0)

 
 
Rendered 04/22/2024 17:44