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Sunday, Oct 17, 2021

Janet Yellen urges House Democrats to give the I.R.S. more power to crack down on tax evasion.

Janet Yellen urges House Democrats to give the I.R.S. more power to crack down on tax evasion.

Treasury Secretary Janet L. Yellen is pressing Representative Richard Neal, the Democratic chairman of the Ways and Means Committee, to include the Biden administration’s full proposal for bolstering the Internal Revenue Service in its $3.5 trillion spending package, arguing that more resources and greater powers to catch tax evaders are crucial for reducing the “tax gap.”
In a letter to Mr. Neal, Ms. Yellen urged lawmakers not to water down a central piece of the proposal, which would give the Internal Revenue Service visibility into the financial accounts of taxpayers through more robust reporting requirements. Treasury officials say that will enable the agency to better crack down on rich people and companies who are not paying what they owe.
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