The ranking minority member of the Senate Finance Committee projected that, at that level, the IRS would raise a minimum of $100 billion in additional revenues on an annual basis. Currently, the voluntary compliance rate is roughly 85 percent.
Baucus said that the “gap” caused by non-compliance for both corporate and individual filers exceeds $311 billion annually.
He also supports increasing funding for the IRS to hire more enforcement agents. The White House’s fiscal 2005 budget proposal has earmarked a 5 percent increase for the IRS.
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