Ron Wyden: “the IRS Commissioner told the Senate Finance Committee that, in his judgment, the tax gap--the difference between taxes…”

“the IRS Commissioner told the Senate Finance Committee that, in his judgment, the tax gap--the difference between taxes paid and taxes owed--is as much as $1 trillion a year. Current tax gap estimates likely miss a large number of the high flyers who clearly are driving this tax gap up and up. Taxpayers acting to conceal this income from tax authorities are going to have a much tougher time if the Congress requires that financial institutions take practical and reasonable steps to require that financial institutions report on financial accounts. Our interest on our side is to go after the big guys who generate significant inflows and outflows of cash and other assets, and we do it in a way that protects privacy and sensitive taxpayer and small business tax information. And this privacy issue has been one of the most important issues in my time in public service. And we are going to make sure that you can get the high flyers, the wealthy tax cheats, without forfeiting the rights of the little guy. The PRESIDING OFFICER. The Senator's time has expired. The Senator from Idaho.”