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Baucus Gives Cautious Welcome To US Treasury's New 'Tax Gap' Plan,
by Mike Godfrey, Tax-News.com, Washington
Monday, July 13, 2009
Senate Finance Committee Chairman has given a qualified welcome to the Treasury Department’s latest plan to reduce the estimated USD345bn in legally-owed taxes that go unpaid each year, otherwise known as the ‘tax gap.’
Baucus noted that the report, delivered to the Montana Democrat on July 8,
demonstrates that the IRS is working to identify problems, improve tax administration,
and set short-term compliance goals. However, he said more specific long-term
goals, measures, and timelines for an improved rate of tax compliance and a
reduction in the amount of lost tax revenues are necessary for the IRS to effectively
focus its resources and evaluate its progress on an ongoing basis.
“This plan contains good information, and I’m pleased Deputy Secretary
Wolin acted quickly to meet my request, but the plan lacks specifics on long-term
goals on improving the voluntary compliance rate and reducing the size of the
tax gap. With an ongoing economic recession, these billions of dollars in lost
tax revenue could help relieve undue tax burdens paid by honest families, and
contribute to long-term economic stability,” said Baucus.
“As Chairman of the Finance Committee, I will continue to press the Treasury
Department and the IRS to make our tax system fairer for every American. I am
committed to developing legislation to make it easier for taxpayers to comply
with their tax responsibilities and eliminate opportunities to underreport taxes
or set up offshore tax schemes,” he added.
Baucus has worked with Treasury and the IRS on an ongoing basis to find ways
to narrow the tax gap and improve voluntary compliance among taxpayers. He first
requested a Treasury strategy to manage the issue in February 2006, and requested
an updated plan during the May 8, 2009, nomination hearing of Treasury Deputy
Secretary
Neal Wolin.
Baucus set a goal for Treasury in 2007 of 90% voluntary tax compliance by 2017,
a significant increase from the current IRS estimate of 83.7%. By doing so,
he argues that billions of additional dollars could be collected by Treasury
each year without raising tax rates.
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