Biden will seek $80 billion for the IRS to use clawing back $780 billion in unpaid tax from the rich, reports say

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President Joe Biden is hopes to boost funding at the Internal Revenue Service (IRS) by $80 billion as part of an ambitious plan to increase tax revenue from rich individuals and corporations, sources told The New York Times.

According to The Times the 10-year funding boost will be accompanied by new powers for the IRS meant to rake in tax dollars which the IRS is owed but currently unable to secure.

The newspaper cited projections that the plan could raise as much as $780 billion over ten years, narrowing the so-called tax gap between what the details ⇒

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