Here's how the Biden administration plans to collect $700 billion from wealthy tax cheats

The Biden administration is looking to make sure taxpayers — largely the wealthiest Americans —  pay the taxes they legally owe. The Treasury Department estimated that the so-called tax gap, or the difference between what is owed and what was actually paid, was nearly $600 billion in 2019 and will reach $7 trillion over the next decade. 

Treasury officials say the tax gap disproportionately benefits higher earners and the goal with their tax compliance agenda released Thursday is to promote equity in the tax system. The administration says while 99% of taxes due on wages are paid to the IRS, compliance on less visible income sources is estimated to be just 45%, according to a Treasury Department report.  Officials speaking to reporters said people who make less than $400,000 a year won't be audited any more often than in recent years. This comes as the president has vowed he would not raise taxes on those making less than $400,000.