03 Sep '12, 3pm

Add It Up: Taxes Avoided by the Rich and Corporations Could Pay Off the Deficit

For related articles and more information, please visit OCA's Politics and Democracy page and our Organic Transitions page . Conservatives force the deficit issue, ignoring job creation, and insisting that tax increases on the rich wouldn't generate enough revenue to balance the budget. They're way off. But it takes a little arithmetic to put it all together. In the following analysis, data has been taken from a variety of sources, some of which may overlap or slightly disagree, but all of which lead to the conclusion that withheld revenue, not excessive spending, is the problem. 1. Individual and small business tax avoidance costs us $450 billion. The IRS estimates that 17 percent of taxes owed were not paid , leaving an underpayment of $450 billion. In way of confirmation, an independent review of IRS data reveals that the richest 10 percent of Americans paid less than 1...

Full article: http://www.organicconsumers.org/articles/article_26195.cfm

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