Senator Introduces Bill To Close $17 Billion Capital Gains 'Tax Gap', by Leroy Baker, Tax-News.com, New York 21 March 2006
US Senator Evan Bayh (D-Ind) has introduced legislation to help close the $17 billion so-called capital gains 'tax gap' by making the tax code fairer and simpler for American taxpayers.
Senator Bayh's legislation, the Simplification Through Additional Reporting Tax (START) Act of 2006, will require brokerage houses and mutual fund companies to track and report to taxpayers and the IRS investment information related to capital gains taxes, making it easier for taxpayers to file their tax returns and helping the IRS crack down on would-be cheaters.
Senators Barack Obama (D-IL), Tom Carper (D-DE), and John Kerry (D-MA) are original co-sponsors of the START Act.
"No business would succeed if it failed to collect $17 billion in sales every year, and the United States government can't afford to operate that way either," Senator Bayh argued in a statement published last week.
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