Wyden Statement on Revenue from Increased IRS Enforcement Against Wealthy Tax Cheats

Washington, D.C.—Senate Finance Committee Chair Ron Wyden, D-Ore., today released the following statement on revenue from increased IRS enforcement against wealthy tax cheats:

“Investing in the IRS will generate at least $400 billion in additional tax revenue from wealthy tax cheats. I’m confident in the Treasury Department’s estimate, which is backed up by experts and IRS Commissioners appointed by Republican and Democratic presidents.

“While $400 billion is significant revenue, it’s a small percentage of the overall gap between taxes owed and taxes paid, which Commissioner Rettig estimates could hit $1 trillion per year. If anything, the Treasury Department’s estimate is too conservative, not too aggressive.

“Without these investments in rebuilding the IRS, more and more of the tax burden is going to fall on working people who pay taxes with every paycheck because those at the top would know they can get away with more and more cheating. That’s not fair to millions of honest, hardworking taxpayers.

“In fact, many Republicans supported these same investments for the bipartisan infrastructure bill. They changed their tune as soon as their wealthy donors and allies came out in opposition. This is about making sure working Americans don’t continue to foot the bill for wealthy tax cheats.”

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