Biden Seeks $80 Billion to Beef Up I.R.S. Audits of High-Earners

Authored by nytimes.com and submitted by alexandracooper94
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WASHINGTON — President Biden, in an effort to pay for his ambitious economic agenda, is expected to propose giving the Internal Revenue Service an extra $80 billion and more authority over the next 10 years to help crack down on tax evasion by high-earners and large corporations, according to two people familiar with the plan.

The additional money and enforcement power will accompany new disclosure requirements for people who own businesses that are not organized as corporations and for other wealthy people who could be hiding income from the government.

The Biden administration will portray those efforts — coupled with new taxes it is proposing on corporations and the rich — as a way to level the tax playing field between typical American workers and very high-earners who employ sophisticated efforts to minimize or avoid taxation. The $80 billion in proposed funding would be an increase of two-thirds over the agency’s entire funding levels for the past decade.

The administration estimates that giving the I.R.S. an additional $80 billion over a decade could raise at least $780 billion in new tax revenue, for a net gain of at least $700 billion. Mr. Biden plans to use money raised by the effort to help pay for the cost of his “American Families Plan,” which he will detail before addressing a joint session of Congress on Wednesday. It will be the largest single revenue raiser for the plan.

autotldr on April 27th, 2021 at 11:02 UTC »

This is the best tl;dr I could make, original reduced by 80%. (I'm a bot)

April 27, 2021, 5:00 a.m. ET.WASHINGTON - President Biden, in an effort to pay for his ambitious economic agenda, is expected to propose giving the Internal Revenue Service an extra $80 billion and more authority over the next 10 years to help crack down on tax evasion by high-earners and large corporations, according to two people familiar with the plan.

The Biden administration will portray those efforts - coupled with new taxes it is proposing on corporations and the rich - as a way to level the tax playing field between typical American workers and very high-earners who employ sophisticated efforts to minimize or avoid taxation.

"Deterioration in I.R.S. enforcement effort and information gathering is scandalous. The Biden plan would make the American tax system fairer, more efficient and, I'm confident, raise more revenue than official scorekeepers now forecast - likely a trillion over 10 years."

Extended Summary | FAQ | Feedback | Top keywords: tax#1 effort#2 Biden#3 plan#4 year#5

imstarving on April 27th, 2021 at 10:27 UTC »

supposedly there is over a trillion dollars per year in uncollected outstanding taxes. this is a good return on investment.

n8i8c8k9 on April 27th, 2021 at 10:09 UTC »

To BEEF up lol