This amounts to 28% of the ‘tax gap’, treasury report says, which Biden proposes closing by empowering IRS to pursue aggressively

The wealthiest 1% of Americans are responsible for more than $160bn of lost tax revenue each year, according to a new report from the US treasury.

Natasha Sarin, deputy assistant secretary for economic policy, said: “A well-functioning tax system requires that everyone pays the taxes they owe.”

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