What are the latest statistics on tax evasion?

What are the latest statistics on tax evasion?

As of 2023, it's estimated that tax evasion costs governments around $500 billion annually in the U.S. alone.

Which demographics are most likely to evade taxes?

Studies show that higher-income individuals and certain business sectors, like cash-based businesses, are more likely to evade taxes.

How does tax evasion impact the economy?

Tax evasion reduces government revenue, leading to budget cuts in public services and increased tax burdens on compliant taxpayers.

What measures are being taken to combat tax evasion?

Governments are increasing audits, enhancing data sharing between agencies, and implementing stricter penalties for evasion.

Can you provide examples of famous tax evasion cases?

Sure! Notable cases include Al Capone, who was convicted of tax evasion, and celebrities like Wesley Snipes and Martha Stewart.