US president Biden seeks $80bn for IRS to crack down on tax evasion

clock • 1 min read
US president Biden seeks $80bn for IRS to crack down on tax evasion

President Joe Biden wants to give the US Internal Revenue Service (IRS) an extra $80bn to help the agency crack down on tax evaders.

This would be earmarked for US tax collections that would help pay for his plan to bolster childcare, universal pre-kindergarten education and paid leave for workers, the New York Times reported on 27 April.

The Democratic president's proposal to boost the Internal Revenue Service's budget over 10 years would help the agency curb tax evasion through audits of high earners and large corporations and include new disclosure requirements, the Times said, citing two people familiar with the plan.

IRS chief Charles Rettig said earlier this month that tax evasion costs the US $1trn more each year.

Biden's American Families Plan is expected to be released before his address to Congress on 28 April as part of the Democratic president's evolving economic agenda.

It would have to pass a closely divided Congress where Democrats hold a thin majority.