Taxes 2023: Democratic senators call for crackdown on wealthy tax dodgers

Democratic senators are calling for a crackdown on wealthy tax dodgers to generate more revenue for the country. The Tax Gap Reform and Collection Act of 2021, introduced by Senators Elizabeth Warren and Bernie Sanders, would provide the Internal Revenue Service with additional resources to increase enforcement efforts and target high-income individuals and corporations who evade taxes. The proposed legislation would also increase penalties for tax evasion, expand the financial institution reporting requirements, and strengthen whistleblower protections. According to a recent report by the IRS, the tax gap - the difference between taxes owed and those collected - was estimated to be $441 billion annually from 2011 to 2013. The senators argue that the increased enforcement efforts in the legislation could generate roughly $1.75 trillion over 10 years, making a significant impact on reducing the budget deficit and funding critical public programs such as infrastructure, education, and healthcare. This proposed legislation is part of a larger effort to address income inequality and ensure that everyone pays their fair share in taxes. I believe this is an important topic to keep an eye on since tax evasion affects the entire economy and not just the wealthy individuals and corporations who evade taxes.