It is really shocking and distressing to see estimates suggesting that the gap between what we`re collecting in taxes under our tax law and what we should be collecting if everybody were paying the taxes that are due, that amounts to over $7 trillion over a decade.
Yellen highlights the significant tax gap and the need for reforms to close it.
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The tax cuts passed by Donald Trump and Congressional Republicans... was responsible for many of the problems that we face now with our fiscal trajectory.
We certainly have proposed extending the Child Tax Credit, which was immensely helpful, and we are supportive of the legislation that has gone through the House.
I am optimistic, because I believe that the big inflationary impulse that we saw in 2022 largely was global.
The most recent and optimistic estimate I’ve seen suggested that the average household will see on the order of $1,000 reduction in income.
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