Our Finance Guide
  • Home
  • Loans
  • Tax
  • Credit Cards
  • Investing
No Result
View All Result
  • Home
  • Loans
  • Tax
  • Credit Cards
  • Investing
No Result
View All Result
Our Finance Guide
No Result
View All Result
Home Tax

Guest: Can tax cheats fund Biden’s spending?

admin by admin
October 11, 2021
in Tax
0
See the Average Child Tax Credit in Your State

The Biden administration is proposing tougher tax enforcement to help pay for the $3.5 trillion budget reconciliation package. Collecting legally owed taxes is a laudable goal, but politicians have historically discounted the compliance costs of taxes. History may be repeating itself.

The most controversial enforcement proposal involves banks and other financial institutions reporting all accounts with an annual cash flow over $600. Groups like the American Bankers Association and the U.S. Chamber of Commerce have heavily criticized the proposal. Since we know that business groups sometimes protest too much, how should we evaluate this proposal?

Related articles

Score Payday loans Relief into the Denver, Texas within the super easy

Where Is the Economy Heading? Velocity of Money Provides Clues

The administration’s interest in enforcement stems from the tax gap, or taxes that should be but are not paid. A tax gap is inevitable since people respond to incentives, including taxes. People respond to taxes with avoidance, or using loopholes to legally reduce one’s liability, and evasion, or not paying taxes legally owed. The tax gap is based on evasion.

The principle of equality before the law implies that everyone should pay as legally obligated. Many Americans view tax evasion as immoral and support efforts to make cheaters pay.

We do not know the exact size of the tax gap because we lack statistics on deliberately hidden income. Economists Natasha Sarin and Lawrence Summers estimated it at $630 billion for 2020, or about 15% of the taxes that should have been paid. Improved enforcement will never deliver the entire $630 billion to Uncle Sam. If we lowered our tax gap to the smallest observed across developed nations, we might raise an extra $300 billion annually. This will not eliminate the current $3 trillion Federal deficit.

 

Read more…

admin

admin

Related Posts

Score Payday loans Relief into the Denver, Texas within the super easy

You can find forms of cash advance save one to Texas citizens can use to save money. Cash advance will appear to be what you want...

Where Is the Economy Heading? Velocity of Money Provides Clues

Retiring in a Slowing Economy? 3 Steps Can Help You PrepareVelocity of money is the rate at which money is being spent in the economy. It...

The Surprising Asset You Can Use for Tax-Loss Harvesting

Bonds have taken a beating in 2022, but the damage to your portfolio may be less than meets that eye, provided you handle those losses in...

City Council may consider a small property tax hike

Evanston City Council members may be returning to consider a small property tax increase to put police and fire pension funds on a 100% track toward...

Business Tax Credits Your Business May Qualify For

One of the most complicated parts of running a small business is figuring out your taxes. Most business owners are worried about ensuring they pay enough...

Next Post
Watch out for these 6 credit card surprises so you can avoid debt and get the most out of your card

Watch out for these 6 credit card surprises so you can avoid debt and get the most out of your card

Women investors are still outperforming men, study finds

Women investors are still outperforming men, study finds

These Borrowers Are Left Out Of Biden’s New, Expanded Student Loan Forgiveness

These Borrowers Are Left Out Of Biden’s New, Expanded Student Loan Forgiveness

No Result
View All Result

Subscribe Us

By clicking submit, I authorize Our Finance Guide and its affiliated companies to: (1) use, sell, and share my information for marketing purposes, including cross-context behavioral advertising, as described in ourTerms of Service and Privacy Policy, (2) supplement the information that I provide with additional information lawfully obtained from other sources, like demographic data from public sources, interests inferred from web page views, or other data relevant to what might interest me, like past purchase or location data, (3) contact me or enable others to contact me by email with offers for goods and services from any category at the email address provided, and (4) retain my information while I am engaging with marketing messages that I receive and for a reasonable amount of time thereafter. I understand I can opt out at any time through an email that I receive, or by clicking here.

RECOMMENDED

Will student loan forgiveness ever happen? What we know so far
Loans

Will student loan forgiveness ever happen? What we know so far

Biden team insists taxes won’t go up for most people
Tax

Biden team insists taxes won’t go up for most people

CATEGORIES

  • Credit Cards
  • Investing
  • Loans
  • Tax
  • Uncategorized

Subscribe Us

By clicking submit, I authorize Our Finance Guide and its affiliated companies to: (1) use, sell, and share my information for marketing purposes, including cross-context behavioral advertising, as described in ourTerms of Service and Privacy Policy, (2) supplement the information that I provide with additional information lawfully obtained from other sources, like demographic data from public sources, interests inferred from web page views, or other data relevant to what might interest me, like past purchase or location data, (3) contact me or enable others to contact me by email with offers for goods and services from any category at the email address provided, and (4) retain my information while I am engaging with marketing messages that I receive and for a reasonable amount of time thereafter. I understand I can opt out at any time through an email that I receive, or by clicking here.

© 2025 Our Finance Guide, All Rights Reserved.

  • Contact Us
  • Privacy Policy
  • Terms Of Service
  • Unsubscribe
  • Privacy Choices
No Result
View All Result
  • Home
  • Loans
  • Tax
  • Credit Cards
  • Investing

© 2025 Our Finance Guide, All Rights Reserved.

Skip to content
Open toolbar Accessibility Tools

Accessibility Tools

  • Increase TextIncrease Text
  • Decrease TextDecrease Text
  • GrayscaleGrayscale
  • High ContrastHigh Contrast
  • Negative ContrastNegative Contrast
  • Light BackgroundLight Background
  • Links UnderlineLinks Underline
  • Readable FontReadable Font
  • Reset Reset