Biden will seek $80 billion for the IRS to claw back $780 billion in unpaid tax from the rich

[Yo_Mama_Been_Loggin]

President Joe Biden 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, according to reports.

Per The New York 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 get.

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 US is owed and what it collects.

The Times said that the head of the IRS estimates that the current tax gap is as large as $1 trillion a year. The Biden projection of reclaiming $780 billion over 10 years would equal roughly 8% of the annual tax gap.

https://www.msn.com/en-us/money/markets/biden-will-seek-80-billion-for-the-irs-to-claw-back-780-billion-in-unpaid-tax-from-the-rich-reports-say/ar-BB1g6szl

[empedocles]

1. Big move

Wealthy avoidance of taxes is sickening. Hard for the 'cons to finesse that one?

[uponit7771]

2. Good investment

[Midnight Writer]

3. If you want to limit "waste, fraud, and abuse", as conservatives say, you need to hire auditors

Start with the IRS, then let's review government contracts over the last few years, and then the Pentagon should get some loving attention.

[maxsolomon]

4. If this needs 1 GOP vote in the Senate, it's doomed.

I assume this will be in a Budget deal, whenever that last-minute brinksmanship drama plays itself out.

[pansypoo53219]

5. excellent!

[Hekate]

6. Brilliant! I hope Joe can pull it off!

[Celerity]

7. So even if we dump in 80 billion USD to chase the scoundrels, 92% of the thievery still will go on?

10 trillion (at least) illegally not paid over the next 10 years, 780 billion clawed back, and a net 700 billion, after the 80 billion extra outlay is subtracted.

Broken system.

😡

[NCjack]

8. YES!!!

[maliaSmith]

9. rich not paying their taxes

I read that Robert Mercer owes 7 BILLION in back taxes. Let's hope IRS goes after him first.

[Trueblue1968]

10. GO GET THEM JOE!! IF THEY HAVE COMMITTED TAX FRAUD THROW THEM IN THE SLAMMER.

GO GET THEM JOE!! IF THEY HAVE COMMITTED
~ TAX FRAUD ~ THROW THEM IN THE SLAMMER. 30 years for any cheater & TAKE ALL THEIR MONEY.

[Wounded Bear]

11. Sound investment...nt

[SMC22307]

12. This is a no-brainer, which means the GOP will oppose it. (n/t)

[King_Klonopin]

13. But, but, but -- what about the people who are getting 200 bucks a month in SNAP benefits

WHO DON'T QUALIFY ??? SUCH FRAUD AND WASTE !!!

Republicans strain out the gnat and swallow the camel every time
waste, fraud and abuse are the topic of discussion.

The national debt would disappear if these thieves were held accountable.
If you add up all the money stashed away in foreign banks and kept in
phony business fronts in places like the Cayman Islands, it becomes obvious
that we are being scammed by billionaire con men.