Ways and Means Chairs Statement on Tax Evasion by the Wealthy and the Tax Gap
Washington, DC, March 23, 2021
Today, House Ways and Means Committee Chairman Richard E. Neal (D-MA), Select Revenue Measures Subcommittee Chairman Mike Thompson (D-CA), and Oversight Subcommittee Chairman Bill Pascrell, Jr. (D-NJ) released the following statement in response to recent reports on unpaid taxes from wealthy Americans:
“For far too long in our country, the wealthy have not paid their fair share of taxes. 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. This will cost the Treasury $600 billion in unpaid taxes this year alone, and an estimated $7.5 trillion over the next decade. With corporations paying less than ever, the burden upon our working neighbors to shoulder the national load has become unsustainable to America’s future.
“The irresponsibility and despicable actions of Americans who conceal large amounts of income in order to avoid paying their fair share widens the economic gap, irreparably dividing our country. We must work with urgency to create an equitable system that holds tax cheats accountable. Closing the tax gap has long been a priority of the Committee, and we will schedule a hearing to better understand how Congress can hold to task the wealthy taxpayers who are exploiting and undermining our tax system.”