Despite spending $265 billion per year to comply with the complex federal tax code, some $350 billion in taxes go uncollected each year due to mistakes and underreporting—the so-called "tax gap." Can tax simplification help close the "tax gap"? And what is Congress doing to ease taxpayer compliance burdens?

In this podcast, Sen. Max Baucus (D-MT), Ranking Democratic Member of the Senate Finance Committee, discusses proposals to reduce tax compliance burdens through electronic filing...