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Richest 1% dodge $160 billion in taxes each year, Treasury Department finds

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New York Daily News

The richest 1% of Americans cheat by a total of $163 billion on their taxes each year, according to the Treasury Department. “Today’s tax code contains two sets of rules: one for regular wage and salary workers who report virtually all the income they earn; and another for wealthy taxpayers, who are often able to avoid a large share of the taxes they owe,” wrote Natasha Sarin, Deputy Assistant Secretary for Economic Policy. By employing a phalanx of economic experts, the richest Americans avoid their tax obligations by a stunning amount, Sarin wrote Tuesday. The ultra-rich only pay about 72% o…

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