Tax enforcement could generate $700 billion in uncollected taxes, they say.
In his address to Congress on Wednesday, President Biden is expected to detail a plan to strengthen tax enforcement against America’s wealthiest. The plan would require $80 billion in additional funding for the Internal Revenue Service over the next decade.
Projections are that the plan would generate about $700 billion in net taxes that would otherwise go uncollected. It is an aggressive estimate that relies on more audits, alongside the administration’s proposals to increase tax rates on the ordinary income and capital gains of high-income taxpayers.
The president anticipates the money from tax enforcement and higher rates paying for an extension of the expanded child tax credit along with programs to increase childcare and funding for community colleges.
As the Lord Leads, Pray with Us…
- For God’s purposes to be accomplished as the president pursues tax hikes and funding for the IRS.
- That God would be at work in the nation as President Biden addresses Congress this week.
Sources: Wall Street Journal, New York Times
