IRS estimates of unpaid taxes are 'unfounded,' says Rep. Kevin Brady

IRS estimates of unpaid taxes are 'unfounded,' says Rep. Kevin Brady

- President Biden has proposed investing $80 billion in new technology and more auditors to increase tax collections by $700 billion over 10 years. - Democrats in Congress contend that funding the IRS and collecting more taxes already owed are key to generating revenue and enforcing the tax code. - Due to a lack of funding, the number of IRS revenue agents has fallen by nearly a third over the past decade and audit rates for taxpayers who earn more than $1 million a year fell by half between 2010 and 2018, according to the IRS. Rep. Kevin Brady said the IRS shouldn't receive more enforcement funding because estimates of unpaid taxes are "unfounded." President Joe Biden has proposed investing $80 billion in new technology and more auditors to increase tax collections by $700 billion over 10 years. IRS Commissioner Charles Rettig testified before Congress in April that the "tax gap" -- or amount of taxes owed that go unpaid each year -- could be as high as $1 trillion due to cryptocurrency, offshoring and underreporting of income. IRS data …
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