IRS chief tells Elizabeth Warren: More transparent bank data can fight tax evasion

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A man walks past the U.S. Capitol building in Washington, June 25, 2020.Al Drago | ReutersThe head of the IRS believes more rigorous disclosures from the nation's banks could help fix a yawning tax gap and recoup billions in owed revenues.In a letter viewed by CNBC, IRS Commissioner Charles Rettig told Sen. Elizabeth Warren, D-Mass., that relying on banks to report basic information about their customers' deposits and withdrawals could put a big dent in annual tax evasion. A source provided CNBC access to the letter, which is expected to be released Thursday. The source disclosed its contents on condition of anonymity.The IRS chief told Warren in Friday's letter that years of budget cuts have left the agency unable to prosecute those who fail to pay their fair share in federal taxes."Every measure that is important to effective tax administration has suffered tremendously," Rettig wrote, referring to years of budget reductions.However, President Joe Biden's American Families P
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