Well, no, she didn’t say that

Treasury Secretary Janet Yellen says a ‘shocking’ $7 trillion in taxes is going uncollected

No, she didn’t say that much is going uncollected – and it’s over a decade too.

“It’s really shocking and distressing to see estimates suggesting that the gap between what we’re collecting in taxes on current tax and what we should be collecting — if everybody were paying for taxes that are due — that amounts to over $7 trillion over a decade,” Yellen said in an interview with The Atlantic published on Tuesday.

She said that it’s shocking to see estimates that it’s that much. This is a different statement.

8 thoughts on “Well, no, she didn’t say that”

  1. Yellen yelling. But the article looks as though what it’s really about is more money for the IRS.

    Understandable that they’d want their share of the big spend.

  2. I assume there is a US version of Murphy, who is prone to outrageous, unsubstantiated over-estimates of the US tax gap. Or does Murphy produce his typical bollocks estimates for the US too?

  3. People will make a big deal out of this because the don’t know the US budget is something like twice revenues and the ‘uncollected taxes would pay for a mere 10 percent of the expenditures.

    Not taking into consideration if that 7 trillion is accurate, if it could actually be collected, or the extra costs of collecting it.

  4. Dennis, Odin's Tax Collector

    All you have to do is say “Janet Yellen” and I shut it down. That being said, there is a tax gap and the IRS is underfunded. But… There is a tax gap because the IRC has become too complex, and the IRS is underfunded because it has a long history of mismanagement and politicization. Yellen’s answer is Moar Money, which does not touch upon the core issues driving the problem.

  5. US version of Murphy? That would likely be Krugman. He used to be (somewhat) better, but I think his wife co-writes his columns now.

  6. No way. Whatever you think of his views, Krugman is a serious economist with proper qualifications and 30+ years as a full time academic.

    Murphy is the equivalent of a hospital porter with a first aid certificate masquerading as a brain surgeon.

  7. Considering some of the things to come out of Krugman’s mouth and from his pen, I doubt somewhat his seriousness as an economist. I grant you, though, that he is highly credentialed in economics and has spent 30+ years full-time in academia.

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