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Tax Cheats Cost the U.S. Far More Than Previously Thought — And Cryptocurrency Is Part Of the Problem, IRS Commissioner Says

Tax Cheats Cost the U.S. Far More Than Previously Thought — And Cryptocurrency Is Part Of the Problem, IRS Commissioner Says



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  1. *Part* being the operative word. The biggest tax evaders are the ultra wealthy, and demonizing retail investors won’t change that fact.

    In reality, the majority of lost tax money comes about as a result of legal loopholes that are extremely difficult for the government to investigate because they’re cost-prohibitive. Whether they hold their wealth in fiat, gold, crypto, or something else is completely irrelevant.

  2. The government needs a mom to tell them that no, they are not getting any more money this month, and if they really needed it they shouldn’t have spent it on dumb shit.

  3. “Rettig said the agency’s existing estimates of the tax gap read like they’re “from the dark ages.” The most recent official IRS estimates said that every year from 2011 and 2013, taxpayers failed to pay $441 billion in tax money.

    IRS compliance efforts and late payments narrowed that annual divide to $381 billion.
    A lot’s changed since then, Rettig explained, starting with rise of cryptocurrency.

    The IRS counts virtual currency like Bitcoin and Ether as property. When an owner profits off the currency, the IRS says that’s subject to capital gains rules—but the IRS has to know about the transactions before it can assess taxes.”

  4. Oh yeah, the US government is so concerned about lost profits on crypto, yet continually gives the ultra wealthy& massive corporations a pass on taxes and lower tax rates. It’s almost as if the government knows they can take advantage of most of its own citizens🤔

  5. tldr; The IRS could be missing out on $1 trillion every year from taxpayers who are not paying their full tab, IRS Commissioner Charles Rettig said on Tuesday. “We do get out-gunned. There’s no other way to say it,” he added. The IRS is also up against a shrinking staff and budget, which means the agency is performing fewer complex audits to recoup cash.

    *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

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