Biden seeks $80 billion to strengthen IRS audits of high income earners to pay for economic agenda
Biden administration officials say the enforcement would rake in up to $700 billion in revenue over the next decade.
President Biden wants to give $80 billion to the Internal Revenue Service to enforce his proposed tax increases on high-earners to help pay for his American Families Plan.
Biden is expected to unveil his plan Wednesday during a joint session of Congress.
The proposed new IRS funding would be an increase of two-thirds over the agency's entire funding levels for the past decade, according to The New York Times, which spoke to two people familiar with the plan.
The proposal comes as the Biden administration plans to raise the top marginal income tax rate on Americans to 39.6% from the previous 37% The proposed new rate applies to those earning at least $1 million at year.
Administration officials estimate the additional $80 billion to the IRS over a decade could raise at least $780 billion in new tax revenue, for a net gain of at least $700 billion, the Times also reports,
The American Family Plan is estimated to cost $1.5 trillion and will purportedly include funding of education, child care and paid leave. The announcement of the plan follows Biden announcing earlier in the month his roughly $2.3 trillion infrastructure plan.
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