(FOX BUSINESS) – The wealthiest Americans "choose not to pay" a massive sum in taxes each year, according to a report the Treasury Department released Wednesday.
The findings were included in a Treasury analysis entitled, "The Case for a Robust Attack on the Tax Gap," defined as the difference between the amount of taxes owed each year and what the Internal Revenue Service collected. The wealthiest 1% of taxpayers fail to pay an estimated $163 billion in owed taxes each year, Treasury says.
"Today’s tax code contains two sets of rules: one for regular wage and salary workers who report virtually all the income they earn; and another for wealthy taxpayers, who are often able to avoid a large share of the taxes they owe," said Natasha Sarin, deputy assistant secretary for economic policy at the Treasury Department.
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