The New York Times editorial board on Sunday laid out a plan for how the U.S. could recover $1.4 trillion in taxes that would otherwise go uncollected.
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The piece cites a 2019 Internal Revenue Service (IRS) analysis that estimates less than half of all income that is not subject to third-party verification, like a W-2, gets reported to the agency.
Unpaid federal income taxes could amount to more than $600 billion this year and more than $7.5 trillion over the next ten years.
“The result is that most wage earners pay their fair share while many business owners engage in blatant fraud at public expense,” the op-ed said.
“Individuals would then have the opportunity to reconcile what Mr Rossotti dubs their ‘1099New’ forms with their reported income on their individual tax returns.
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