Article: US Treasury Plans to Raise Additional $700B Through New Tax Compliance Measures

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US Treasury Plans to Raise Additional $700B Through New Tax Compliance Measures

Matthew De Saro, 20 May 2021

The United States Treasury Department released a statement on Thursday announcing their plans to crack down on tax evasion using cryptocurrency. The Treasury Department plans to raise an additional $700 billion through the new tax compliance measures.

In the 22-page report, officials highlighted a number of policies to grow enforcement aimed at combating the expanding tax gap. The tax gap is the calculated difference between what taxpayers are paying and what they actually owe. Currently, the tax gap is around $600 billion annually.

The Internal Revenue Service (IRS) commissioner, however, believes the number could exceed $1 trillion when cryptocurrencies are taken into account. The policies identified include increased reporting requirements, new auditor tools, and new rules specific to cryptocurrencies.

Closing the gap
The plan will require any transfer of $10,000 or more will be reported to the IRS and could raise as much as $2 trillion over the next 20 years. Just getting close to closing that gap could be a huge step in funding President Biden’s multi-trillion-dollar spending proposals. Proposals aimed at bettering childcare, manufacturing, and other domestic priorities.

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Subject: Cheryl Mills

Subject of Interest

Cheryl Mills serves on the Board of Directors at BlackRock, Inc.  Mills is Founder and Chief Executive Officer of the BlackIvy Group, an investment company in Sub-Saharan Africa. Previously, she served as Chief of Staff to Secretary of State Hillary Clinton and Counselor to the U.S. Department of State from 2009 to 2013. Mills was with New York University from 2002 to 2009, where she served as Senior Vice President for Administration and Operations and as General Counsel. From 1999 to 2001, Mills was Senior Vice President for Corporate Policy and Public Programming at Oxygen Media. Prior to joining Oxygen Media, she served as Deputy Counsel to President Clinton and as the White House Associate Counsel. She began her career as an Associate at the Washington, D.C. law firm of Hogan & Hartson. 

Biography

Black Rock, Inc