Tax Transparency Act of 2023

Bill 118 HR 2515, also known as the Tax Transparency Act of 2023, aims to increase transparency in the tax system by requiring certain tax information to be publicly disclosed. The bill requires the Internal Revenue Service (IRS) to publish a report each year that includes information on the total amount of taxes paid by corporations, individuals, and other entities.

Additionally, the bill requires the IRS to disclose information on tax breaks and loopholes that are utilized by taxpayers to reduce their tax liability. This information will be made available to the public in an effort to increase understanding of the tax system and promote accountability.

Furthermore, the Tax Transparency Act of 2023 includes provisions to improve tax compliance and enforcement. The bill authorizes the IRS to hire additional staff and resources to better enforce tax laws and crack down on tax evasion. Overall, the Tax Transparency Act of 2023 aims to increase transparency in the tax system, promote accountability, and improve tax compliance and enforcement. It is designed to provide the public with more information about how taxes are paid and collected, and to ensure that all taxpayers are paying their fair share.