The rich cheat most

Posted on October 28 2008

From Forbes:

A new study based on unpublished Internal Revenue Service data shows the rich are different when it comes to paying taxes: They hide more of their income.

The previously unreported study estimates that taxpayers whose true income was between $500,000 and $1 million a year understated their adjusted gross incomes by 21% overall in 2001, compared to an 8% underreporting rate for those earning $50,000 to $100,000 and even lower rates for those earning less.

Now why doesn't that surprise me?

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2 Responses

  1. Georges says:
    October 28 2008 at 12:24 pm

    Richard,

    A tough subject. Afterall, it is the individuals own money to begin with…..

  2. Tax Research LLP says:
    October 29 2008 at 12:55 am

    Georges

    How wrong you are

    If tax is owed on earnings then those gross earnings do not belong to the taxpayer: there is a lien on them that the state can enforce, as of right. In that case your perception of ownership is somewhat misleading

    Richard