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Unpaid Taxes Cost The U.S. $1 Trillion A Year | The Last Word | MSNBC - YouTube
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carson connor i've been waiting for this
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for a long time
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the tax gap as they call it the gap
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between
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what the irs could collect if they just
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had enough
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agents and inspectors and resources and
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what they do collect
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is now running they say now about a
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trillion dollars a year
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oh you're absolutely right this is not
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some clever scheme to avoid taxes
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this is flat out cheating people who
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don't pay the taxes
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that they're owed and here's the
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shocking thing the irs
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on its the poorest counties in
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mississippi
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more than they audit the richest top one
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percent
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even though a lot of the cheating and
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non-payment is
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in the top one percent so what this bill
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does is two things one it says
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audit the people who actually aren't
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paying the taxes and larry summers and
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economists have shown
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that that is the case and two it says
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let
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banks disclose business income because a
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lot of the
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taxes that aren't being paid is because
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banks aren't disclosing the income
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if you do those two things we'd raise
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1.2 trillion dollars that would go a
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long way
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to paying for president biden's
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infrastructure bill
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you mentioned uh the study that
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professor summers
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co-authored with two others including a
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former irs commissioner i just want to
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use a table put it up in the screen for
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people to see
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this is the the decline
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in audit rates uh for filers from 2011
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to 2018
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and so for all filers the decline in
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auditing was 45
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for the very richest people it was much
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much higher
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if you made 1 million to 5 million
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dollars the decline in auditing of tax
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returns in that category
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was 80 an 81 rep
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decline almost the same for 5 million to
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10 million
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10 million and above and so congressman
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there it is there's a there's a
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decline because those are the most
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complex returns
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they take uh the largest team to do the
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audits
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and republicans have consistently cut
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the irs's ability to do that work
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i say right lawrence and it's worse than
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that the republicans have said let's
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audit the people
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getting the earned income tax credit so
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they want to go after
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the grandmother who's claiming their
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grandchild for earning them tax credit
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but they don't want to go after the
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multi-millionaires
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who aren't paying taxes on income and
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most people say how do you cheat on your
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taxes because most people they get a
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paycheck they get a w-2 they pay what
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they owe but what's going on here is a
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lot of these people have multiple
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businesses
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and there's no way of determining how
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much income they're making from those
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businesses
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unless they're audited and the irs isn't
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auditing them
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and it's auditing instead low-income
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americans it's really outrageous
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and but this is also possibly part of
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why
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joe biden's tax increase proposals
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increase in the corporate tax rate
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uh and basically an elimination of the
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capital gains rate for people with
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incomes over a million dollars they
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would
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pay capital gains as regular income tax
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those are very popular proposals because
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it i think most taxpayers have a sense
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this is not fair and it isn't even fair
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on the enforcement end
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lawrence that's right let me give you a
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very concrete example of what president
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biden does to raise
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400 billion dollars right now if you buy
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a million dollars of stock in facebook
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uh and that stock goes up to 10 million
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dollars
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now you give that stock which is 10
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million dollars
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to your son upon your death
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that son does not have to pay any
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capital gains
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on the 9 million appreciation under our
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current law
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so a lot of people actually hold these
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assets until their death
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pass it on as inherited wealth and
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totally avoid pay zero percent
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capital gains president biden says let's
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actually tax the appreciation in capital
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gains just like most people have to pay
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that raises 400 billion dollars so when
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people actually look at what president
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biden is proposing they'll say wow
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i didn't even know that people weren't
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being taxed on that that's so unfair
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president binding is proposing common
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sense fairness to the code
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