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Is there a word to describe money that has been earned legally but for which the taxes haven't been paid. For example,

"Mr. X is known to evade tax; he has a lot of money".

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To pay taxes on income, one declares it on an income tax form.

People get in trouble with the government if they are found to have undeclared income Here is an example usage from the website TaxAid.org.uk:

If you have undeclared income, you have broken the law and, from HMRC’s point of view, are guilty of tax evasion. This means that HMRC can prosecute, but will normally only do so in cases which involve fraud or false accounting.

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The word you are looking for is untaxed. It can refer both to things which are not required to be taxed as well as things which are required to be taxed but whose taxes have not been paid.

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