Biden Tax Enforcement Plan Could Raise $2.3T, Treasury Says

Law360 (May 20, 2021, 2:54 PM EDT) -- Improving the Internal Revenue Service's ability to combat high-income tax evasion could lead to $2.3 trillion in additional tax revenue over the next 20 years, according to a report published Thursday by the U.S. Treasury Department.

Boosting the budget for the IRS, allowing the agency to use third-party information reporting to verify businesses' income, overhauling antiquated agency technology and regulating paid tax preparers would all help close the tax gap, or revenue lost due to noncompliance, according to Treasury's report.

"Working to close the tax gap reflects a commitment to ending our two-tiered tax system, one where most American workers pay...

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