IRS Commissioner Charles Rettig told lawmakers on Tuesday that the annual “tax gap” between the amount of taxes owed and the amount paid on time could hit $1 trillion a year, prompting bipartisan calls for action.
The figure is much higher than the agency’s previous estimates, and lawmakers on both sides of the aisle at the Senate Finance Committee hearing signaled a willingness to take steps toward narrowing the gap.
The focus on unpaid taxes comes amid a debate over how to pay for President Biden‘s $2.25 trillion infrastructure package. The White House is pushing for an increased corporate tax rate, in addition to stepped-up enforcement of collecting taxes from companies. Biden’s recent budget proposal for fiscal 2022 seeks more than $1 billion in extra funding for the IRS.
Read more at The Hill.
{Matzav.com}
