At first glance, the recent testimony of Treasury Secretary Henry Paulson, Jr. before the Senate Finance Committee on ways to reduce the tax gap was fairly typical, in that he urged Congress to approve the Presidential-submitted budget with increased IRS funding, and to pass 16 legislative proposals aimed at narrowing the tax gap.
To no one’s surprise, he indicates that the vast majority of the tax gap is attributable to underreporting of income, and that most of that is attributable to individuals with business income and corresponding self-employment tax liabilities.
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