An ‘epidemic of tax fraud’As President Biden prepares to introduce more government spending plans, the price tag is rising. There are hundreds of billions in unreported taxes. That’s the largest reason that unpaid federal income taxes may amount to more than $600 billion this year, and more than $7.5 trillion over the next decade. Here’s a way to capture that unreported income, proposed by Charles Rossotti, a former I.R.S. Filers would need to reconcile that information with their individual tax returns.

Source: International New York Times March 22, 2021 11:48 UTC