More than a trillion dollars not reported on personal tax returns in 2003

Americans failed to report more than a trillion dollars in income on their 2003 tax returns. That was a 37% increase in unreported income from 2000, Commerce Department said.

Americans failed to report more than a trillion dollars in income on their 2003 tax returns. That was a 37% increase in unreported income from 2000, Commerce Department said. IRS looked at both unreported income and improper deductions and concluded that Americans shortchanged the government by $345 bln in 2001, an amount almost equal to the projected federal budget deficit for 2007.