President Biden is reportedly looking to shore up funds for his economic agenda by giving the Internal Revenue Service an additional $80 billion and more power over the next decade to “help crack down on tax evasion by high-earners and large corporations,” according to a new report.
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.
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.
That plan, which follows his $2.3 trillion infrastructure package, is expected to cost at least $1.5 trillion and will include universal prekindergarten, a federal paid leave program, efforts to make child care more affordable, free community college for all and tax credits meant to fight poverty. (The New York Times)
Administration officials believe “an aggressive crackdown” by the IRS could bring in at least $700 billion net over 10 years, reports The Times.
Breaking News: President Biden is proposing an extra $80 billion for the IRS to crack down on tax evasion by high-earners to help fund his economic agenda.https://t.co/YVEJswZZvR
— The New York Times (@nytimes) April 27, 2021
The American Families Plan is expected to be released ahead of his Wednesday address before a joint session of Congress.