U.S. Treasury says can shrink $7 trillion 'tax gap' by 10% over next decade | WTVB | 1590 AM · 95.5 FM

By Syndicated Content
May 20, 2021 | 12:05 PM
WASHINGTON (Reuters) – The U.S. Treasury Department on Thursday said its plans to invest in new Internal Revenue Service tax compliance efforts will shrink by about 10% the “tax gap” now estimated at $584 billion in 2019.
The tax gap — the difference between taxes legally owed and those collected by the IRS — is expected to grow to $7 trillion over the next decade, or about 3% of U.S. GDP, the Treasury said in a new policy paper.
The Treasury said the Biden administration’s proposal to invest $80 billion in IRS enforcement over that same period would raise $700 billion in new revenues over a decade, an estimate that it called “conservative.”

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