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Biden wants $80 billion for law enforcement

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TC Talks
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Biden wants $80 billion for law enforcement

Post by TC Talks » Tue Apr 27, 2021 8:22 am

It's finally time to go after those criminals who have not been following the law for almost a decade.
President Biden is expected to propose giving the Internal Revenue Service an extra $80 billion and more authority over the next 10 years as he looks for ways to raise money to pay for his economic agenda, according to two people familiar with the plan.

Mr. Biden is expected to propose beefing up the I.R.S. to crack down on individuals and corporations that evade paying federal taxes. He will use the recouped tax funds to help pay for the cost of his American Families Plan, which he will detail before addressing a joint session of Congress on Wednesday.

Mr. Biden’s plan, which comes on top of a $2.3 trillion infrastructure proposal, is expected to cost at least $1.5 trillion and include funding for universal prekindergarten, federal paid leave, efforts to make child care more affordable, free community college and tax credits meant to fight poverty.

The plan will also call for tax increases, including raising the top marginal income tax rate for wealthy Americans and raising the rate that people who earn more than $1 million a year pay on profits earned from the sale of stocks or other assets. Mr. Biden is also expected to call for raising the rate on income that those earning more than $1 million a year get from stock dividends, according to a person familiar with the proposal.

The administration will portray these efforts, coupled with new taxes it is proposing on corporations and the rich, as a way to level the tax playing field between typical American workers and high earners who employ sophisticated efforts to minimize or evade taxation.

Administration officials have privately concluded that an aggressive crackdown on tax avoidance by corporations and the rich could raise at least $700 billion on net over 10 years. The $80 billion in proposed funding would be an increase of two-thirds over the agency’s entire funding levels for the past decade.


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km1125
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Re: Biden wants $80 billion for law enforcement

Post by km1125 » Tue Apr 27, 2021 12:08 pm

The IRS doesn't need a DIME more money. They need to SHRINK the IRS and the tax rules. I shouldn't take a team of lawyers and accountants to figure out how much tax a business (or even a person) needs to pay. SIMPLER tax code, SMALLER IRS and the whole country benefits!!



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Rate This
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Re: Biden wants $80 billion for law enforcement

Post by Rate This » Tue Apr 27, 2021 1:21 pm

km1125 wrote:
Tue Apr 27, 2021 12:08 pm
The IRS doesn't need a DIME more money. They need to SHRINK the IRS and the tax rules. I shouldn't take a team of lawyers and accountants to figure out how much tax a business (or even a person) needs to pay. SIMPLER tax code, SMALLER IRS and the whole country benefits!!
We’ll all send 10%. The millionaire can send $100K and not feel it and the $10,000 guy can send $1000 he doesn’t have. Problem solved.



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Re: Biden wants $80 billion for law enforcement

Post by MotorCityRadioFreak » Wed Apr 28, 2021 12:23 am

I am sick and tired of these professional tax evaders hiding stuff in their Swiss bank accounts and in the Cayman Islands. Should have happened years ago.


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paul8539
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Re: Biden wants $80 billion for law enforcement

Post by paul8539 » Wed May 05, 2021 6:19 pm

As long as law enforcement uses the money for good purposes, this is fine. If they use it to just harass people, put the money to better use somewhere else.



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