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by Gerald E. Scorse / April 22nd, 2021
Over 30 years ago, a real estate bigwig in Manhattan (no, not him) was convicted of tax evasion. Her name was Leona Helmsley, the famous Queen of Mean. Even more famous, lasting approximately forever, were six words she let slip: “Only the little people pay taxes.”
The words are far from true the big people have always paid the lion’s share of taxes but they point to a truth that’s finally getting the attention it deserves. Here it is, in a different six words:
The big people hugely evade taxes.
They consistently and significantly under-report their incomes. According to The Internal Revenue Service, they’re by far the biggest contributors to a tax gap approaching $600 billion a year. (The gap is the difference between taxes owed and taxes paid, and it’s long been out of control.)