WASHINGTON - People and businesses underpaid their taxes by an estimated 17 percent in the most recent year studied, failing to send the government a massive $450 billion that it was owed, according to an Internal Revenue Service report released Friday.
The study covered 2006, the most recent data the IRS said was available. The amount of underpaid taxes far exceeded the size of the entire federal budget deficit at the time.
After IRS audits and other enforcement efforts, non-compliance in 2006 shrank to 14 percent. That left the final amount of unpaid taxes at $385 billion, the agency said.
2 comments:
Sounds like a call to arms (pardon the pun) for the IRS. Thats exactly what we need. MORE IRS agents and auditors. Perhaps they can begin by looking at Congress. Or not. I'm going with "or not".
As long as I owe you, you'll never be broke.
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