U.S. Commissioner says tax gap could hit $1 trillion

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U.S. Commissioner says tax gap could hit $1 trillion

The Internal Revenue Service needs more and consistent funding to help close a tax gap that is leaving about$ 1 trillion in taxpayer taxes uncollected every year, said IRS Commissioner Charles Rettig on Tuesday.

Rettig told the Senate Finance Committee that new sources of wealth have arisen from 2011 to 2013 when the last annual tax gap estimate of$ 441 billion was made, including cryptocurrencies and the growing use of complex foreign sources of income.

If you add those in, I think it would not be outlandish that the actual tax cap could reach$ 1 trillion on an annual basis and possibly exceed that, said Rettig.

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