Watch Out: 7 Ways to Fix the ‘Tax Gap’
GAO, IRS want new, tougher measures.
by Rick Telberg
In a new report, U.S. Comptroller General David Walker tells the Senate Budget Committee that cracking down on tax cheats alone isn’t enough to close the nation’s widening tax-revenue shortfall.
Walker, a CPA, goes further. He says Congress must simplify the tax code if we really want to close the tax gap. And he seems to have the backing of IRS Commissioner Mark Everson. The IRS figures it gets only 81 percent to 84 percent of the taxes the government is actually owed. That’s almost $400 billion. Even in Washington, that’s a lot of money. But Walker sounds a new alarm: “Our nation’s fiscal policy is on an imprudent and unsustainable course.”
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