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President Biden doesn't just want more taxes; more tax audits may be coming too

IRS is set to double in size under Biden proposal
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Posted at 3:07 PM, May 21, 2021
and last updated 2021-05-21 15:07:42-04

WASHINGTON — By now, most Americans know that President Joe Biden's American Jobs Plan and American Families Plan require tax increases.

The President wants hikes on individuals making more than $450,000 a year and couples who file their taxes jointly with a combined income of over $500,000 or so.

In exchange, transportation would be fundamentally transformed in this country, along with new social programs, like paid family leave, created.

The exact figures will be determined by leaders in Congress as negotiations continue.

NOT JUST TAXES

The Biden administration wants more than just tax increases, however.

The Internal Revenue Service has announced a comprehensive plan to transform the agency and hold more Americans accountable for what they owe.

The plan, which was released this week, calls for the agency to double in size over the next ten years with 87,000 new employees.

The $80 billion expansion would, according to IRS officials, generate more revenue than it would cost to increase in size.

Officials believe anywhere between $500 billion to $1 trillion in taxes go uncollected each year because Americans or companies don't pay them and aren't held accountable.

Individuals making more than $400,000 annually would be subjected to a higher risk of an audit according to the plan.

Some items of the IRS' plan require congressional approval.

CRITICISM BY CONSERVATIVES

The "Coalition to Protect American Workers" has launched commercials in Georgia and Pennsylvania criticizing Biden for the plan.

"If Joe Biden gets his way, they are coming: IRS agents," the commercial begins.

The proposal, along with the comprehensive transportation package, will be negotiated over the coming weeks.

No votes are expected until the end of June at the earliest.