Biden is expected to propose boosting funding for the Internal Revenue Service by an extra $80 billion as part of a sweeping plan to crack down on tax evasion by wealthy Americans and large corporations.
The New York Times reported Tuesday morning the 10-year-funding measure will be accompanied by new enforcement powers for the IRS, including disclosure requirements for people who own businesses that are not organized as corporations and for other high-income earners who could be shielding their income from the government.
The administration estimates that the plan could generate as much as $780 billion over the next decade by closing the gap between typical American workers and very high-earners who employed sophisticated methods to minimize their tax liability.