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110310 1 (1979-09-06)

handle is hein.gao/gaobadyhx0001 and id is 1 raw text is: United States General Accounting Office Washington, D.C. 20548 FOR RELEASE ON DELIVERY Expected at 10 a.m. EDT September 6, 1979 110310 STATEMENT OF RICHARD L. FOGEL, ASSOCIATE DIRECTOR, GENERAL GOVERNMENT DIVISION, 4 BEFORE THE SUBCOMMITTEE ON COMMERCE, CONSUMER AND MONETARY AFFAIRS HOUSE COMMITTEE ON GOVERNMENT OPERATIONS ON THELSUBTERRANEAN ECONOM1J q-4:1 C' 0 /T- Mr. Chairman and Members of the Subcommittee: Our testimony today deals with an 3ssue that has been of concern to this Subcommittee since 1976 and which has been the subject of extensive recent Government and public attention-- eb extent to which a subterranean economy exists in the United tates and the consequences of its existence for our voluntary tax assessment system. Anyone concerned about maintaining the integrity of our voluntary tax assessment system has to be deeply troubled by the findings of the Internal Revenue Service's (IRS') subterranean economy report released last Friday. The staggering amount of income, at least $135 billion, on which taxes are not paid is shocking. To illustrate, had people paid the $26 billion in taxes due on this income, the fiscal year 1977 budget deficit would have been reduced by 58 percent, from $45 billion to $19 billion. 4-0 43--;

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