The Biden administration is planning on giving an extra 80 billion dollars to the IRS in order to target “ultra-rich” tax avoiders.
This comes just a few days after President Biden unveiled a plan that would significantly raise taxes for high income families that make more than $400,000 per year. The plan is to crack down and make sure that people are unable to keep money illegitimately that they make, and prevent them from hiding money, or paying extra on taxes.
The influx of money given to the IRS will be a two thirds increase over their funding in over a decade. Which is also projected to increase to about 700 billion dollars on net, in the coming decade. All the money that is taken from wealthy American families through high taxes will be given back to low income, and “average” Americans in the “American Families Plan” that is set to be addressed before the Joint Session of Congress, this Wednesday [NY Post].
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ARTICLE: ISABELLA FLORES
POLITICS EDITOR: CARSON CHOATE
PHOTO CREDITS: NEW YORK POST