The ranking minority member of the Senate Finance Committee threatened to place a "hold" on President Bush's nomination for the top Treasury tax official, unless the department agrees to provide a comprehensive plan to close the tax gap by the end of September.
Sen. Max Baucus, D-Mont., said in a statement that neither nominee Eric Solomon, or new Treasury Secretary Henry Paulson, had agreed to meet a Sept. 30 deadline for a plan to close the gap, the difference between taxes collected, and taxes legally owed. Estimates put the gap, a hard-to-quantify number, at upwards of $300 billion annually.
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