What You Need to Know
- The hearings are a response to recent research showing high levels of tax evasion among wealthy Americans.
- The IRS could fail to collect $600 billion in taxes for 2020 alone.
- Closing the
House Ways and Means Committee Chairman Richard Neal, D-Mass., said late Tuesday that he plans to hold a hearing to discuss recent research finding high levels of tax evasion among the wealthiest Americans.
“For far too long in our country, the wealthy have not paid their fair share of taxes” Neal said in a statement. “The result is a two-tier tax system where billionaires and big business follow one set of rules, and regular Americans are held to another.”
Meanwhile, on Thursday, the Senate Budget Committee will hold a hearing titled “Ending a Rigged Tax Code: The Need to Make the Wealthiest People and Largest Corporations Pay their Fair Share of Taxes.”
Examining IRS tax compliance data, researchers estimate that the agency will fail to collect $600 billion in taxes this year alone, and an estimated $7.5 trillion over the next decade. Most of this gap is attributable to high earners, the researchers found.
Neal released the statement along with Reps. Mike Thompson, D-Calif., chairman of the Select Revenue Measures Subcommittee, and Bill Pascrell, D-N.J., chairman of the Oversight Subcommittee.