Home Tech Biden Administration Defends Plan to Bolster Tax Enforcement: Live Updates

Biden Administration Defends Plan to Bolster Tax Enforcement: Live Updates

1
Credit…Al Drago for The New York Times

The Biden administration on Thursday defended its assessment that it could raise $700 billion in revenue by pumping money into the Internal Revenue Service to beef up its enforcement capabilities amid criticism that its projections were overly rosy.

The Treasury Department released a 22-page report laying out the administration’s new “tax compliance agenda,” which is a centerpiece of its plans to pay for a $1.8 trillion infrastructure and jobs proposal. The Biden administration wants to give the I.R.S. $80 billion over the next decade so that it can overhaul its outdated technology and ramp up audits of wealthy taxpayers and corporations.

The Biden administration’s estimates of the return on investment that it could generate from boosting the I.R.S. budget far surpassed…

Click here for full article…www.nytimes.com