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Biden To Propose $80 Billion For IRS, More Power To Chase Down
High-Income Tax Evasion

The Biden administration is expected to propose giving the IRS $80
billion and granting the agency more power to track down tax evasion
by high-income individuals and corporations, according to the New York
Times, citing 'two people familiar with the plan.' The proposed
funding would be an increase of two-thirds over the agency's entire
budget for for past decade.

The 10-year proposal would also include new disclosure requirements
for small business owners not organized as corporations, as well as
other wealthy people who could be hiding income from the IRS. Those
using so-called pass-through corporations (such as the one the Bidens
used to funnel $13 million through tax loopholes), as well as people
holding wealth in 'opaque structures,' would be subject to new
reporting requirements.

    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. -New York Times

According to the report, some $700 billion in tax revenues recovered
over 10 years by the beefed-up IRS will help pay for Biden's next
stimulus injection - dubbed the "American Families Plan" - which is
expected to cost at least $1.5 trillion. It will follow Biden's $2.3
trillion infrastructure package, which follows some $5.3 trillion
already passed for pandemic relief (Ethereum hit all-time highs today,
coincidentally).

The new plan would include universal prekindergrten, a paid federal
leave program, and childcare affordability measures - as well as free
community college for all.

Biden also plans to pay for his printing bonanza by raising the top
marginal income tax rate for wealthy Americans to 39.6% from 37%, and
wants to raise capital gains tax rates for those earning over $1
million per year - including income received through stock dividends.

The Biden administration is likely to portray the $780 billion
recovered over 10-years as a conservative estimates - as it only
includes money directly collected through enhanced tax audits and
additional reporting requirements - and doesn't count people or
businesses who choose to pay more taxes after previously avoiding
them.

    Previous administrations have long talked about trying to close
the so-called tax gap — the amount of money that taxpayers owe but
that is not collected each year. This month, the head of the I.R.S.,
Charles Rettig, told a Senate committee that the agency lacked the
resources to catch tax cheats, costing the government as much as $1
trillion a year. The agency’s funding has failed to keep pace with
inflation in recent years, amid budget tightening efforts, and its
audits of rich taxpayers have declined.

    Mr. Biden aims to change that. His economic team includes a
University of Pennsylvania economist, Natasha Sarin, whose research
with the Harvard University economist Lawrence H. Summers suggests
that the United States could raise as much as $1.1 trillion over a
decade via increased tax enforcement.

    Mr. Summers praised Mr. Biden’s expected plan in an email late
Monday. “This is the broadly right approach,” he said. “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.” -New
York Times

The Biden admin's $80 billion plan would also provide the IRS with a
dedicated funding stream, allowing the agency to 'steadily ramp up
their enforcement practices without fear of budget cuts, and to signal
to potential tax evaders that the agency’s efforts will not be soon
diminished."

Former IRS commissioner under President George H.W. Bush, Fred T.
Goldberg Jr., called the new plan "transformative" for integrating
several approaches.

"Information reporting, coupled with restoring enforcement efforts, is
key to improve in compliance," Goldberg told the Times in an email.
"Audits alone will never do the trick."

"None of this happens overnight. A decade of stable funding is
necessary to recruit and train talent and build on the necessary
technology — not only for compliance purposes but to meet the quality
of services that the vast majority complaint taxpayers expect and
deserve."