Top% 1 avoids $ 163 billion in taxes each year. Biden to make vaccines mandatory for federal employees. MB: Archaeological mystery of 80 skeletons bound at the construction site.
Top% 1 avoids $ 163 billion in taxes each year
A report from the Treasury Department reveals that the top 1% of wealthiest Americans fail to pay $ 163 billion in taxes to the federal government each year. 1% make up about 28% of the IRS “tax gap”, or the right amount versus the amount collected. The top 5% make up more than 50% of this gap while the top 20% of winners are responsible for 77.1%. In total, the annual tax gap is about $ 600 billion a year, and could reach $ 7 trillion over a decade.
This equates to 3% of GDP, or all income taxes paid by the lower 90% of taxpayers. In contrast, average wages have a mismatch rate of 1%.
The report shows that we have a two-tier tax system, where ordinary Americans abide by their tax obligations, but many high-level taxpayers do not. The report notes that the tax gap could be a major source of inequality. Today’s tax code contains two sets of rules: one for employees with regular salaries and wages who report almost all the income they earn; and another for wealthy taxpayers, who are often able to evade a large portion of the taxes they owe.
Earlier this summer, a The IRS file flow revealed that billionaires like Tesla founder Elon Musk and Amazon founder Jeff Bezos pay absolutely nothing in taxes for many yearsWith She also discovered the tricks that wealth uses to minimize their tax bills. The new Treasury report does not even address these gaps; refers only to money that wealthy Americans owe them legally but do not pay.
Increase IRS implementation
The Biden administration hopes to inject about $ 80 billion in resources into the IRS to hire more staff and update their systems. The IRS’s current inadequacies prevent the agency from collecting about 15% of the taxes due to it. The report estimates that this resource injection could yield $ 320 billion in additional tax collection over the next ten years and an additional $ 1.6 trillion over the next decade. The administration hopes to increase collections by another $ 460 billion over a decade by increasing third-party reporting by financial institutions.
Additional resources will improve the IRS’s ability to control wealthy Americans and corporations more efficiently. But the administration has stressed that the audit will not increase for those who earn $ 400,000 a year or less.
Biden will announce vaccine mandates to federal employees
Around 4pm today CT, President Biden will present a new 6-way strategy to combat the pandemic. There are not many details yet, but the 6 pins will be:
- Vaccination of the unvaccinated
- Further protection for vaccinated
- Keeping schools open
- Increased testing and search for camouflage
- Protecting our economic recovery
- Improving care for those with COVID-19
Sources have revealed that Biden will sign executive orders mandating vaccines for all federal employees and contractors. Earlier in July, the White House ordered federal employees to either be vaccinated or undergo regular testing. The new orders will mean that vaccines will no longer be optional for federal employees.
MB: Archaeological mystery of 80 skeletons bound at the construction site
In Buckinghamshire in 2019, workers paving the way for a new retirement community discovered 80 skeletons in a mass grave. Some of the dead were buried with their hands tied behind their backs. Since its discovery, the pandemic has largely stopped work at the construction site and hampered the scientific investigation of the waste.
Researchers are not yet sure how old the skeletons are. They can date from anywhere between Roman times and the 18th century, a space of about 1300 years in Britain. Investigators plan to use radiocarbon dating to get a solid date for the skeletons. Further bone studies will reveal skeletal sex and possibly a way of death for some, but these tests can take months.
There are many theories about the identity of skeletons. None of the skeletons were buried with any valuables and handcuffs mean they may have been prisoners of some sort. Some historians have speculated that the skeletons may date to Anglo-Saxon times (410AD-1066AD), while others think they may have been prisoners of war from the English Civil War (16421651). They could also be sentenced to hanging in Buckingham Old Gaol.
Tags: archeology, Britain, COVID-19, international news, IRS, national news, New Albany MS, northeastern Mississippi news, President Biden, tax fraud, Treasury Department, UK, US news, vaccine mandates, inequality in wealth, world news
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