May 6, 2021 7:02 AM By Zachary Sherwood and Brandon Lee
President Joe Bidenâs plan to raise $700 billion over a decade from increased tax audits of the wealthy and corporations a major funding source for his economic-investment proposals will probably take years to bear fruit and faces skepticism that the figure is realistic.
The Biden administration has proposed a more than 10% funding increase for the Internal Revenue Service for the next fiscal year and an overall investment of $80 billion over the next 10 years to beef up the agencyâs depleted auditing staff and outdated technology. Bidenâs American Families Plan, released last week, highlighted the audit take as a principal way to pay for $1.8 trillion in initiatives including child care and education.