The Rich Don’t Have Enough?
January 11th, 2013
Great article in Common Dreams about taxes. It's not about raising taxes, but rather collecting the taxes that are already in place. Every year, this is how much could be collected were it not for special exemptions and other avoidance techniques, used primarily by the rich:
- $1.25 Trillion: special deductions, exemptions, exclusions, credits, capital gains, and loopholes;
- $450 billion: the 17% of taxes being under-reported and/or unpaid;
- $250 billion: money hidden in tax havens by people like Mitt Romney;
- $250 billion: corporate tax avoidance has cut their payments from 22.5% to 10%;
- $300 billion: getting rid of the cap on payroll taxes.