Tax fraud costs US over $300 billion

Reports from the U.S. Government Accountability Office revealed that tax fraud costs the U.S. Treasury over $300 billion annually, based on data from 2018 to 2024. Estimated losses ranged from $116 billion to $304 billion per year, accounting for 2% to 6% of the taxes owed. The report recommended that the IRS develop a strategy to combat fraud and establish a dedicated agency to coordinate efforts.

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