Monday, September 8, 2025

Latest

Biden Administration Proposes $80 Billion for IRS to Help Curb Tax Evasion

In an effort to pay for a number of new trillion-dollar spending proposals, US President Joe Biden is set to request $80 billion in additional funding for the Internal Revenue Agency, in an effort to curb tax evasion by wealthy corporations and high earners.

On Tuesday, The New York Times reported that the Biden administration is expected to increase the IRS budget by $80 billion and grant more authority over the next decade to crack down on tax evasion, citing individuals familiar with the matter. The earmarked funding would amount to an increase of two-thirds of the agency’s budget for the past ten years.

The latest proposal would also consist of new disclosure requirements for small businesses not classified as corporations, as well as high-income individuals who may be masking their earnings from the IRS. In addition, those using pass-through corporations, or those keeping their wealth in ‘opaque structures’ would also be targeted by new reporting requirements.

The Biden administration’s latest efforts — combined with previously-announced corporate and capital gains taxes — will serve as a new way to level the tax playing field between America’s middle class workers and the country’s wealthiest, many of whom go to sophisticated lengths to reduce or avoid taxation.

It is projected that by increasing the IRS budget, some $700 billion in tax revenues would be recovered over the next decade, which will be directed towards Biden’s next stimulus plan — dubbed the “American Families Plan,” which comes with a price tag of $1.5 trillion. It follows the administration’s $2.3 trillion infrastructure package, which follows the some-$5.3 trillion already passed as pandemic relief.

The Biden administration’s latest efforts would also give the IRS a robust stream of funding, giving the agency additional resources for enforcement practices without fears of budget cuts.


Information for this briefing was found via The NYT. Thee author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Avino Q2 Earnings: Steady As She Goes

MEG Energy: Cenovus Comes In With $7.9 BILLION Offer

Orla Mining Q2 Earnings: Musselwhite Changes Everything

Recommended

ESGold Outlines $24.3 Million NPV For Tailings Reprocessing Project

First Majestic Encounters 711 g/t Silver Equivalent Over 8.0 Metres In Ongoing Exploration At Los Gatos

Related News

Canadians Are Spending More on Taxes Than on Basic Necessities

The Fraser Institute has released its annual Canadian Consumer Tax Index, a defacto “pain-o-meter” to...

Saturday, September 9, 2023, 09:00:00 AM

Biden Administration Considering Vehicle Mileage Tax to Fund Infrastructure Plan

The US government has been mulling various ways of how to pay for Biden’s next...

Monday, March 29, 2021, 10:32:00 AM

Biden Impeachment: Even Republican Witness Admits Evidence Is Not Enough

House Republicans launched an impeachment inquiry against President Joe Biden on Thursday, saying they intend...

Friday, September 29, 2023, 12:59:00 PM

Joe Biden Officially Declares End of Covid-19 Emergency

US President Joe Biden has signed a bipartisan congressional resolution to finally end the national...

Wednesday, April 12, 2023, 06:15:00 AM

President Biden Eyes Biggest Federal Tax Hike Since 1993 in Next Major Economic Plan

While numerous households across the US celebrated as they received their stimulus checks, the current...

Tuesday, March 16, 2021, 09:48:00 AM