On March 4, 2009, Treasury Secretary Timothy Geithner told the Senate Finance Committee that1

the solution to the tax gap is better reporting and enforcement;

fifty-two percent of rental real estate owners misreported their rental income in 2001 (the subject year of the relevant study) by a net $12.4 billion;

the new enhanced reporting requirements would recover $4 billion over 10 years; and

he would keep his pledge to shut down offshore tax havens to save the government $210 billion over 10 years.

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