By some estimates, the wealthiest 1 percent of Americans manage to avoid paying about a quarter-trillion dollars of owed taxes every single year. Now, new government data show that audits of the superrich and large corporations have hit a new low, leaving billions of dollars of uncollected taxes at precisely a moment when lawmakers say new revenue is needed to fund infrastructure and climate investments.

In response, two progressive Democratic lawmakers have authored legislation cracking down on tax evasion.

The new Internal Revenue Service (IRS) figures compiled by Syracuse University researchers show that in the last eight years, there has been a 72 percent drop in the number of audits of those making more than $1 million. In all, 98 percent of those making more than $1 million did not face an audit last year.