Treasury Department

@USTreasury ↗

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Last Checked March 17, 2022

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Thu Oct 14 19:04:51 +0000 2021

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Treasury Department @USTreasury

Why is this info on inflows & outflows key to closing the tax gap? Because currently the IRS has no way to identify high end taxpayers who aren’t being honest about how they earn income & are instead exploiting this loophole. — PolitiTweet.org

Posted Oct. 14, 2021

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Treasury Department @USTreasury

The financial reporting proposal would direct banks to add a bit of extra data to info they already supply to taxpayers & the IRS: how much total $ went into the account over the course of the year, & how much came out. — PolitiTweet.org

Posted Oct. 14, 2021

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Treasury Department @USTreasury

Any additional IRS scrutiny will be focused on the high end of the income earners, where it belongs—that’s who is driving the tax gap. Audit rates will not rise relative to recent years for taxpayers making less than $400,000 per year. — PolitiTweet.org

Posted Oct. 14, 2021