According to the treasury, the total gap is about $600B/year.
> To further ensure that everyone pays their fair share, the Administration also calls for using information that financial institutions already possess—without imposing any burden on taxpayers whatsoever—so the IRS can deploy these additional resources to audit more sophisticated tax evaders. These changes to the third-party information reports are estimated to generate $460 billion over a decade.
So about $46B/year from reporting changes.
However, contra your intuition that this will mostly impact marginal contractors, the treasury claims that the misreporting is progressive and higher earners misreport more income.
According to the treasury, the total gap is about $600B/year.
> To further ensure that everyone pays their fair share, the Administration also calls for using information that financial institutions already possess—without imposing any burden on taxpayers whatsoever—so the IRS can deploy these additional resources to audit more sophisticated tax evaders. These changes to the third-party information reports are estimated to generate $460 billion over a decade.
So about $46B/year from reporting changes.
However, contra your intuition that this will mostly impact marginal contractors, the treasury claims that the misreporting is progressive and higher earners misreport more income.