Mnuchin: Tax Reform Major Component of Economic Plan

The transcript discusses the complexity of the tax system, highlighting issues with tax liability calculations and the tax gap. It explores the need for tax code simplification and the potential impact on economic growth. The discussion includes concerns about IRS staffing reductions and the need for improved technology and cybersecurity to protect taxpayer information.

What is the primary issue caused by the complexity of tax laws?

• A larger tax gap

• Increased government revenue

• More social benefits

• Simplified tax filing

What is a key component of Mr. Mnuchin's economic plan?

• Tax reform and simplification

• Raising corporate taxes

• Increasing IRS staffing

• Reducing government spending

What surprising trend did Mr. Mnuchin notice about the IRS?

• Decreased headcount

• Higher customer satisfaction

• Increased tax collection

• Improved technology

What is one of the concerns Mr. Mnuchin has about the IRS?

• Lack of first-rate technology

• Overly complex tax forms

• Too many employees

• Excessive tax deductions

What aspect of taxpayer interaction with the IRS is Mr. Mnuchin concerned about?

• Privacy and cybersecurity

• Tax refund delays

• Audit frequency

• Tax credit availability