Wednesday, September 27, 2006

The Treasury Builds a Plan to Improve Tax Collection

In response to threats from Senator Max Baucus (D-MT) regarding Treasury nominees, the U. S. Treasury has brought forth "A Comprehensive Strategy for Reducing the Tax Gap." To close the gap between taxes collectable and taxes received, estimated to be about $300 billion annually, the Treasury set forth four principles with additional details to be provided later when funding is better known. The four principles include addressing unintentional error and tax evasion, targeting specific types of noncompliance, a dual emphasis on enforcement activities and taxpayer service and developing an enforcement plan which protects taxpayer rights.

It is hard to find anything to criticize, excepting vagueness, with this initial document. The more telling material will come later when the Treasury starts filling in the details.


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