Hiring agents, updating systems and pursuing sophisticated audit cases will take time, Adeyemo said in an interview, adding that he believes the stepped-up activity will make wealthy individuals think twice about hiding income to avoid taxes.
"When you are focusing on audits and people see that audits are happening - especially amongst people who are situated similar to them - you have better compliance," Adeyemo said during a visit to Philadelphia to promote the bill's increased Child Tax Credit benefits.
"When they see more cops on the beat looking at tax returns, what people will decide is that it's better to pay than to pay the penalty in the end."
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" The RICH " have an army of accountants to ensure the only pay the required taxes and not a dime more
"When you are focusing on audits and people see that audits are happening - especially amongst people who are situated similar to them - you have better compliance," Adeyemo said during a visit to Philadelphia to promote the bill's increased Child Tax Credit benefits.
"When they see more cops on the beat looking at tax returns, what people will decide is that it's better to pay than to pay the penalty in the end."
IRS plan to collect $400 billion in unpaid taxes relies on deterrence -Treasury's Adeyemo
PHILADELPHIA (Reuters) -The U.S. government aims to raise $400 billion in new revenue over a decade by making rich Americans respect the Internal Revenue Service again as part of President Joe Biden's slimmed-down, $1.75 billion social and climate spending plan. Increased IRS enforcement to...
" The RICH " have an army of accountants to ensure the only pay the required taxes and not a dime more