BIDEN SEEKS BILLIONS TO BEEF UP IRS

Biden seeks billions to beef up irs. President Biden is seeking $80 billion to beef up the IRS. This after Congress has already approved of funding last fall to improve customer service and increase agents in the Collection Division of the IRS. Both increases were severely needed as years of underfunding the agency, left the IRS unable to carry out its mission of collecting the nation’s back tax debt. Added to that, the increase in tax refund fraud, Taxpayer Identification Fraud, the work the IR needed to do to oversee the Covid Relief proposals that Congress and President’s Trump and Biden passed, and you have the recipe for a worn out agency. Yet the budget deficit’s that riled many members of Congress actually worked to favor the increase of funding for he IRS. The IRS brings in so many more dollars than the Congress allocates to the agency, it really was a no brainer, but made you wonder why it took the Congress so long to pass. Biden seeks billions to beef up irs.

President Biden, in an effort to pay for his agenda, want to fund the IRS by an extra $80 billion over the next decade and give them more authority to crack down, going after the wealthiest Americans who have been cheating the system. The additional money and Collection Action 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 playing field between typical American workers and very high earners who employ sophisticated efforts to minimize or avoid taxation. They may need to find a Tax Resolution Company when President Biden gets done.

Mr. Biden plans to us 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.