$696 Billion in Unpaid Taxes, Audit Conflicts, and Campaign Cash

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“Change is the law of life. And those who look only to the past or present are certain to miss the future.” - John F. Kennedy

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You pay your taxes on time. Not everyone does. The IRS’s last published estimate put the amount owed but not paid on time at $696 billion. That’s the “tax gap.” The next estimate was due last fall. It still hasn’t appeared. Now Democratic lawmakers want to know where it is.

The IRS says it’s updating how it calculates the number. Democrats say the delay makes it harder to see how much tax goes unpaid while the agency cuts enforcement staff. They want the report released, plus a breakdown showing how much corporations, wealthy individuals, and offshore activities account for. Answers are due November 15. Before Congress argues about raising taxes, knowing how much of the existing bill goes unpaid seems like a reasonable place to start.

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An investor backs an accounting business. The audit firm stays separate, but the two share staff, software, and office space. Then the audit firm gets a potential client. The same investor has influence over that company, too. Can the auditors give an independent opinion when the money behind their operation has a stake in the answer?

The AICPA wants clearer limits. Its revised proposal would bar the audit firm from auditing businesses where that investor has significant influence. It would also bring the controlling investor and more executives under independence rules. Separate companies wouldn’t mean separate responsibilities. These are proposed changes, with a 120-day comment period planned before any final decision.

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Texas hasn’t elected a Democrat to the U.S. Senate since 1988. James Talarico wasn’t even born yet. Now he’s leading the election night count after raising $128.8 million in this chart’s fundraising snapshot. A win would end a 38-year drought. Suddenly, all those donation emails have a much more interesting payoff.

Democrats held all seven spots above $30 million, and some already have results to show for it. Jon Ossoff is projected to keep Georgia, while Roy Cooper flipped North Carolina. Money wasn’t a guarantee. Illinois’s Raja Krishnamoorthi raised $31.6 million and lost his primary. But Democrats’ fundraising strength has come alongside real wins, with Texas offering the chance for a breakthrough decades in the making.

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