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5 former Treasury secretaries back Biden's plan to increase tax enforcement on wealthy

5 former Treasury secretaries back Biden's plan to increase tax enforcement on wealthy
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Five former Treasury secretaries are supporting President BidenJoe BidenMilitary must better understand sexual assaults to combat them The Hill's Equilibrium — Presented by NextEra Energy — Tasmanian devil wipes out penguin population On The Money: Democrats make full-court press on expanded child tax credit | White House confident Congress will raise debt ceiling MORE’s plan to increase tax enforcement on wealthy Americans. 

In a New York Times op-ed published Wednesday, former Treasury Secretaries Timothy Geithner, Jacob Lew, Henry Paulson Jr., Robert Rubin and Larry Summers all agreed that the country has to strengthen its tax system by collecting uncollected taxes. 

“While we are not in agreement on many areas of tax policy, we believe in the importance of strengthening the tax system to do more to collect legally owed but uncollected taxes — which, left unaddressed, could total $7 trillion over the next decade,” the secretaries said in the op-ed. “We are convinced by the strength of our experiences that more can be done to pursue evasion in the ways outlined by President Biden’s recent proposal to increase the resources and information available to the I.R.S.”

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The secretaries pushed for the passing of Biden's American Families Plan, which would require the wealthy to pay higher taxes, and cited Biden's proposed call for an $80 billion investment over the next decade for the IRS, which has seen cuts over the past 25 years. 

"We are convinced that better information-reporting requirements can be designed that will permit significant increases in revenue collection without imposing any burden at all on taxpayers and imposing no significant increase in regulatory burdens across the economy," the secretaries said in the op-ed. 

The op-ed comes after nonprofit news organization ProPublica reported on wealthy Americans such as Amazon CEO Jeff BezosJeffrey (Jeff) Preston BezosCivil rights groups urge lawmakers to crack down on Amazon's 'dangerous' worker surveillance The tax code's Achilles' heel is surprisingly popular — and that's a problem for taxing the rich Overnight Energy: Lake Mead's decline points to scary water future in West | White House leads opposition to raising gas tax | Biden taps ex-New Mexico lawmaker for USDA post MORE, Tesla CEO Elon MuskElon Reeve MuskNASA's sudden interest in Venus is all about climate change Press: Even Jeff Bezos should pay income taxes Democrats face new pressure to raise taxes MORE, former New York City Mayor Michael BloombergMichael BloombergBiden's domestic and global challenges on COVID vaccinations Press: Even Jeff Bezos should pay income taxes What the Democrats should be doing to reach true bipartisanship MORE and investor George Soros, all of whom paid little or no taxes in a 15-year span.