The NY Times Editorial Board, in their New York Times article, discuss the solutions needed for government to fix the growing problem of unreported income in the economy. The article, “How to Collect $1.4 Trillion in Unpaid Taxes,” includes the following commentary:
Unreported income is the single largest reason that unpaid federal income taxes may amount to more than $600 billion this year, and more than $7.5 trillion over the next decade. It is a truly staggering sum — more than half of the projected federal deficit over the same period.
The government has a basic obligation to enforce the law and to crack down on this epidemic of tax fraud. The failure to do so means that the burden of paying for public services falls more heavily on wage earners than on business owners, exacerbating economic inequality. The reality of widespread cheating also undermines the legitimacy of a tax system that still relies to a considerable extent on Americans’ good-faith participation.
To see the full article, click: “How to Collect $1.4 Trillion in Unpaid Taxes”
Posted by Elise Kim, Managing Associate Editor, Wealth Strategies Journal.