Sec. Yellen: We’re Simply Not Collecting the Taxes that People Owe

EXCERPT:

YELLEN: “I don't think we need to have offsets for what is in emergency, a national security situation. But we certainly do need a fiscally responsible and sustainable path for spending and taxation in our economy. President Biden has signed bills that result in a trillion dollars of deficit reduction over the next 10 years. We've had responsible investments in the U.S. economy that will have a payoff and we've provided additional money to the Internal Revenue Service, which will have an enormous payoff in closing the $7 trillion tax gap that we have in the United States. We're simply not collecting the taxes that people owe, and this will have a huge payoff as well.”