Sumary of IRS estimates of unpaid taxes are ‘unfounded,’ says Rep. Kevin Brady:
- IRS Commissioner Charles Rettig testified before Congress in April that the “tax gap” — or amount of taxes owed that go unpaid each year — could be as high as $1 trillion due to cryptocurrency, offshoring and underreporting of income.
- “Democrats in Congress contend that funding the IRS and collecting more taxes already owed are key to generating revenue and enforcing the tax code.
- Gleckman said even if the tax gap is half the IRS estimates, which is unlikely given lower audit rates, “does that mean Congress should not give the IRS the resources it needs to be sure that people pay the taxes they owe?
- ” Some Republicans have contended in the past that the IRS should collect existing taxes before Democrats discuss raising tax rates.
- During the Trump administration, Treasury Secretary Steven Mnuchin said “fixing the tax gap” was one of his top priorities and he pushed for more funding to improve audits on the wealthy.
- ProPublica began publishing a series of articles in June showing how billionaires like Jeff Bezos, George Soros and others pay lower tax rates — and in some cases no taxes in certain years — due to loopholes in the tax system.