The Treasury Department estimated a gain of $700 billion over 10 years and an additional $1.6 trillion over the next 10. The Penn Wharton Budget Model projects a gain of $480 billion in 10 years and $1.3 trillion in 15 years. Our shrinkthetaxgap.com plan estimates a gain of $1.4 trillion over 10 years. All three estimates project meaningful increases in revenue, differing mainly in timing, but none assume recovery of a big fraction of the enormous tax gap. Our estimate would recover only 19 percent of the tax gap over 10 years.
I recently joined several fellow former Internal Revenue Service commissioners in support of the Biden plan because it would benefit everyone who pays taxes.
Charles O. Rossotti, Washington
The writer was Internal Revenue Service commissioner from 1997 to 2002 and is the author of the “shrink the tax gap” plan.