Tax Gap Hysteria

The U.S. Department of the Treasury announced a full court press to pass the Biden Administration’s American Families Plan. The Deputy Assistant Secretary for Economic Policy, Natasha Sarin, points to the Tax Gap, the “wealthy” and the “current information reporting regime” as the culprits as to why we don’t have a “well-functioning tax system.” The Remedy?? Taxpayers must give up their financial privacy AND substantially increase the size of the IRS.