University of Michigan Students Charged With Running Tax Evasion Scheme
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Total taxable annual income is about $2.5 trillion, according to that report, and the $406 billion is what the IRS calls the “net tax gap.” How does the tax gap stack up to other items on the government ledger? It’s a couple drops in the bucket compared to the $23 trillion in total public debt. But it’s also 37 of the $1.1 trillion Department of Defense budget for 2019 and is far more than the annual budget for just about every other government agency.
All income is taxable at the federal level, no matter how it is earned. Remember, 1920s Chicago gangster Al Capone went to jail for 7 years — not because he brewed, distilled and distributed alcohol during the Prohibition era, but because he did not pay federal taxes on the millions of dollars he made from those then-illegal activities.
Even though tax evasion leads to hundreds of billions of dollars in lost federal revenue each year, Americans by and large think they’re an honest bunch when it comes to tax compliance. The IRS’s 2018 Comprehensive Taxpayer Attitude Survey, the most recent year available, found 85 of Americans say it’s never OK to cheat on taxes — though this was down from 88 in the 2017 survey.
This is a satirical website. Don't take it Seriously. It's a joke.
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