World leaders reach landmark deal on a global corporate tax rate

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I believe this is an attempt to get rid of tax havens around the world. If that is correct it would be great not to be able to hide money. In the US alone it is estimated over 400 billion plus in taxes that are owed that are not paid. This has gone on for decades. We’re 28 billion in debt. Obviously defrauding the US government requires global cooperation. The signing by 140 countries shows they have similar issues with tax fraud.

Is there teeth to make it work? I dought it. It’s a pleasant surprise to see an attempt though.

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The head of the IRS calculated that tax evasion in the U.S. may total $1 trillion a year, a figure that is multiples higher than previous estimates from the federal government.

Internal Revenue Service Commissioner Chuck Rettig told a Senate panel Tuesday that previous tallies of the tax gap — which came to a cumulative amount of about $441 billion for the three years through 2013 — didn’t include some tax-evasion techniques that weren’t on the agency’s radar at the time.

New estimates include the use of cryptocurrency, he said. Offshore tax evasion, illegal income that goes undetected by the IRS and underreporting from pass-through businesses also contribute to a larger than previously known tax gap, Rettig said.

“I think it would not be outlandish to believe that the actual tax gap could approach and possibly exceed $1 trillion per year,” Rettig told the Senate Finance Committee.

A Republican would phrase it this way. Joe Biden wants to give the IRS more power to spy. So who is the deep state? Who benifits from Socialism from fraud? 

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