Tax cheats are hoping that the IRS will have as much trouble filling their soon to be open positions as McDonalds and Applebees are having right now filling theirs.
Joe Biden is seriously considering a plan to double the size of the IRS, with a goal of hiring 87,000 new workers over the next decade as he wants to round up as many tax cheats as he can.
And that’s not all, as he also wants to increase IRS funding by $80 billion.
It’s part of a long term, ten-year plan that would increase the workforce by a max of 15% annually, and the budget increase would be roughly 10% each year.
Biden is seriously obsessed with collecting tax money to pay for his huge projects, as his administration wants banks and financial institutions to report much more information about the money going through their customer’s bank accounts than they are now.
It’s the high-end cheaters that Biden is targeting. The added manpower and resources will be primarily to dig up unpaid taxes by large corporations, partnerships and the wealthy. The number being thrown around is $554 billion was uncollected in 2019 for taxes that were owed.
The head of the IRS doubled down on that figure, saying it could be as high as $1 trillion.
If that’s the case, there is some shady accounting going on.
80% of the tax gap is because people are underreporting their income or having too many deductions. Having 87,000 new agents going over tax returns with fine tooth combs is going to lead to a lot more audits.
If you aren’t making big bucks, you can kind of take a sigh of relief. Team Biden said audit rates for those making Andre $400K per year would not increase under the proposal.