Author Topic: Treasury Secretary Janet Yellen calls estimated $7 trillion tax gap 'shocking and distressing'  (Read 402 times)

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Online IsailedawayfromFR

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Treasury Secretary Janet Yellen calls estimated $7 trillion tax gap 'shocking and distressing'
Denitsa Tsekova
Denitsa Tsekova·Reporter
Tue, May 4, 2021, 11:38 AM

Treasury Secretary Janet Yellen is calling on the wealthy to pay their fair share of taxes and to close the tax gap by improving tax compliance and audits.

“It's really shocking and distressing to see estimates suggesting that the gap between what we're collecting in taxes on current tax and what we should be collecting — if everybody were paying for taxes that are due — that amounts to over $7 trillion over a decade,” Yellen said during the Atlantic’s Future Economy on Tuesday. “We're trying to make meaningful steps to close that gap.”

The tax gap that would accumulate between 2020 and 2029 is estimated to be $7.5 trillion, according to a 2019 paper by former Treasury Secretary Larry Summers and economist Natasha Sarin. The study found that the IRS could shrink the tax gap by around 15% in the next decade and generate over $1 trillion in additional revenue by conducting more audits that specifically target those at the top.

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https://finance.yahoo.com/news/janet-yellen-calls-tax-gap-shocking-and-distressing-163831958.html

So in the world of Yellen, hire thousands of Gestapo enforcers to perform audits and there is an extra trillion to be collected.

Gee, why would no one else think of that?  That's catching dollar bills falling from trees stuff.

Hey Janet - how about calculating how much in taxes we need to pay if we reduced the insane spending plans your boss has?
“no punishment, in my opinion, is too great, for the man who can build his greatness upon his country's ruin” ~  George Washington

Offline christian

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We can balance the budget and solve our fiscal calamity if we just run the most prosperous out of the Country.  Of course the democrats will laugh their azzes off and then spend more TRILLIONS, because democrats own fools, and therefore have no restrictions to what they do.  The better government NeverTrumpers promised if only Trump was/is defeated, REMEMBER ?  BEND OVER, DUE RECOMPENSE IS ON ITS WAY, and naked biden is going to deliver with fanatical devotion.
Have a dandelion.....love so sweet, degenerate and depraved.

Offline Sled Dog

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There's another way of closing the budget gap.

Obey the Constitution.

And tax only the socialists.
The GOP is not the party leadership.  The GOP is the party MEMBERSHIP.   The members need to kick the leaders out if they leaders are going the wrong way.  No coddling allowed.

Online Wingnut

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Janet Yellen  forgot who she is. She talked out of turn.  Dumb bitch should be fired.
Any political party that can't cough up anything better than a treacherous brain-damaged old vulture like Joe Biden deserves to die a slow death.

Online skeeter

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We’re not paying our “fair share” - yeah that’s the problem. Lol

Online DB

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Its going to be a rough 4 years - at least...

Online Cyber Liberty

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Cram it, Janet.  You signed on for this, and you own it.
December 11, 2020:  "Government of the people, by the people and for the people has finally perished from the Earth."
I will NOT comply.
 
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Offline mrpotatohead

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Its going to be a rough 4 years - at least...
Yup...let's pray it's ONLY 4 years.  I fear this is only the beginning.
Romans 5:8 "But God demonstrates his own love for us in this: While we were still sinners, Christ died for us."