There’s nothing politicians love more than extra revenue without having to raise taxes. And at first glance, that’s what Internal Revenue Service (IRS) Commissioner Chuck Rettig appeared to offer at a recent Senate Finance Committee hearing when he discussed the so-called “tax gap”: the difference between what taxpayers legally owe and what the IRS actually takes in. Unfortunately for President Biden, attempts to take on the “tax gap” would probably yield far less revenue than they think.
Read the full story here.