President Joe Biden is calling for a reinvestment in the IRS, after a decade of workforce and budget cuts, to collect hundreds of billions of dollars in tax revenue left on the table every year.
The Biden administration is calling for an $80 billion investment in the IRS over the next decade, with the expectation that it will bring in $700 billion in tax revenue by shrinking the “tax gap” between what taxpayers owe and what the IRS collects every year.
The Treasury Department, in a press release outlining the administration’s plan, estimates the tax gap will grow to $7 trillion over the next decade under the agency’s current level of funding, and that “insufficient resources” at the IRS is the leading cause of a growing tax gap.
IRS Commissioner Chuck Rettig told the Senate Finance Committee earlier this month “it would not be outlandish to believe” the current tax gap is approaching $1 trillion per year.
Click here to read the rest of the article written by Jory Heckman over at Federal News Network
