IRS Losing $1 Trillion a Year in Uncollected Taxes

IRS Commissioner Charles Rettig said the IRS “needs more and consistent funding to help close a ‘tax gap’ that is leaving perhaps more than $1 trillion in legally owed taxes uncollected every year,” Reuters reports.

“Rettig told the Senate Finance Committee that new sources of wealth have arisen since 2011-2013, when the last official annual tax gap estimate of $441 billion was made, including cryptocurrencies and the rising use of complex, foreign-source income.”