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Tax experts suggest means to close $300 billion gap
By The Associated Press
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Published: October 10, 2008
Associated Press
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WASHINGTON — Getting people to pay the taxes they owe could be one significant way of coping with federal deficit increases and the potential $700 billion pricetag for the just-enacted financial rescue plan, tax experts said Thursday.
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In 2001, the last year the Internal Revenue Service estimated the tax gap — the difference between what taxpayers owe and what they actually pay — the figure stood at $345 billion, or $290 billion after subtracting enforcement efforts and late payments. The overall compliance rate for paying taxes was about 86 percent.
How much do people owe?
The tax experts, at a forum hosted by Sen. Tom Carper, D-Del., said that in spite of some IRS successes in improving tax compliance, the gap may have grown since 2001.
"We believe $345 billion is a low-ball estimate,” said J. Russell George,
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Federal Budget,
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World Politics,
Elections and Voting,
Income Taxes,
Taxes,
Economic Policy,
Government Spending,
Jobs and Labor,
Federal Deficits,
U.S. Presidential Election,
Financial Rescue Plans,
Government and Politics,
Self-Employment and Freelancing
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