IRS Commissioner Charles Rettig infamously testified before Congress in April of this year that the estimated tax gap - meaning the difference between taxes due and owing by U.S. taxpayers each year and the taxes actually reported as due and collected - could be as much as $1 trillion each year. According to Senator Ron Wyden D-Ore, “cheating by those at the top” is the primary reason for this incredibly large tax gap. How do those “at the top” manage to get away with this? Because the IRS is “completely outgunned” and the wealthiest taxpayers are able to obfuscate their income by using opaque income structures and hide income through partnerships and other complicated structures, says Wyden. To address this problem, the Biden Administration and Senators Wyden and Elizabeth Warren D-Mass are proposing a requirement for banks to report the total amount deposited and the total amount withdrawn in a domestic bank account over the course of a year.