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“While there’s plenty of disagreement about how the money should be used, almost everyone involved in public-policy debates agrees that it would be good if the federal government could collect more revenue without raising tax rates or reducing tax deductions or credits.
It should be indisputable that investment to make sure all citizens meet their tax obligations is desirable. Such investment would raise substantial revenue, as well as increase economic efficiency and help redress growing inequality: Our rough estimates suggest that at least 70 percent of the “tax gap”— defined as owed but uncollected taxes — comes from underpayment by the top 1 percent. This contributes to legitimate concerns that our tax system unfairly advantages the elite.
Our new analysis suggests that better-focused audits, raising Internal Revenue Service enforcement to previous peak levels, investing in information technology and broadening earnings reporting could raise more than $1 trillion in the next decade, primarily from very high-income taxpayers. This well exceeds the revenue benefit of raising the top individual rate to 70 percent.”
JJ Editor's Picks
"PRESIDENT TRUMP’S reaction to the murderous rampage in Pensacola, Fla., on Friday by an officer of the Royal Air Force of Saudi Arabia was insensitive and grossly insufficient. Three American servicemen lost their lives and eight were wounded by..."
"No Democrat even approaches Sen. Elizabeth Warren of Massachusetts when it comes to the sheer volume of policy content. Likewise, no other Democrat has experienced her rapid rise into first place or, now, her dramatic fall in the polls. It is..."
"This holiday season, the United States Postal Service expects to ship almost one billion packages — cardboard boxes full of electronics and fabric and plastic galore. And the Environmental Protection Agency estimates that Americans generate 25..."
"Did moms exist before social media? Technically, yes, there have always been moms, but motherhood as a lively public conversation — a set of references, jokes, warring factions, cliches and grievances — has existed for just a little over a decade.."
"Ever since former President George H.W. Bush coined the phrase to criticize then-candidate President Ronald Reagan's tax policies, Democrats and progressives have been accusing Republicans of "voodoo economics." They are right to do so. The..."
"The marketing circle of life, wherein toys beget films that beget toys, continues to mow its way through every bit of plastic in the playroom. This week, it’s Playmobil’s turn, with the unimaginatively titled “Playmobil: The Movie.” Like the..."
"Europe is at a crossroads. Brexit and immigration prompted a debate about the essence of European liberalism. Luckily, Europe has an invaluable resource it can use in its deliberations: Theodor Herzl The visionary of the Jewish State was a..."
"“I was born in 2000, I have always lived my life with technology, there hasn’t been any moment without it.” So begins the story of Kai Landre, who recently traveled to the United States from Barcelona to explain his decision to become a cyborg..."