How much money could Biden raise for infrastructure through tougher IRS enforcement? It's not clear
CNN
President Joe Biden wants to raise money for his ambitious economic agenda by ramping up enforcement at the Internal Revenue Service -- a way for the federal government to spend more money without raising taxes or adding to the deficit, making it a win-win in the eyes of lawmakers.
The latest infrastructure proposal agreed to by the White House and a bipartisan group of senators suggests that an additional $100 billion could be collected by the IRS over the next 10 years by simply beefing up enforcement and making sure the government is collecting what taxpayers actually owe -- also known as closing the "tax gap." Biden also suggested earlier in the year that if he could boost the IRS's budget by $80 billion to pay for enforcement, he could increase revenue for the government by $700 billion over 10 years -- money he'd use to fund his American Families Plan, which would invest in child care, pre-K and colleges.More Related News