Senate Finance Committee Chairman Max Baucus (D-MT) and Ranking Member Orrin Hatch (R-UT) pledged to their colleagues in the Senate earlier this month that their tax reform proposals—namely on tax breaks and loopholes, both of great concern to corporate interests—would be kept secret for 50 years. In contrast, presidential records become accessible to the public after 12 years with certain exceptions.

 Testifying before a Senate hearing on federal spending transparency, Richard L. Gregg, the Treasury Department's Fiscal Assistant Secretary, announced a major advancement in federal spending transparency: starting in 2013, the public will be able to see Treasury data on agency expenses and payments to recipients of federal contracts, grants, and loans.

During this period of political gridlock, it's rare to find a bipartisan legislative initiative that we can enthusiastically support. But tomorrow, the House of Representatives will vote on just such a bill, the Digital Accountability and Transparency Act (DATA Act). The DATA Act would greatly enhance federal spending transparency, bringing new datasets online and helping standardize reporting across the government.

Earlier this month, the Internal Revenue Service (IRS) released an updated analysis of the tax gap – the difference between the total amount in federal taxes owed by people and businesses, and the total paid. What did the IRS find? In 2006, the most recent year for which information is available, Americans underpaid their taxes by $450 billion. Extended over a decade, this could represent a shortfall of trillions, robbing the country of needed funds for infrastructure and other investments.