"IRS Reveals $80 Billion Overhaul Plan Including Increased Audit Rates for Wealthy"
The Internal Revenue Service (I.R.S.) has unveiled an $80 billion plan to overhaul tax collection, with a focus on taxpayer services and enforcement efforts on the rich. The plan is a centerpiece of President Biden’s economic agenda, which aims to narrow the nation’s $7 trillion of uncollected tax revenue and use the funds to combat climate change, curb prescription drug prices, and pay for other initiatives prized by Democrats. The I.R.S. intends to become a “digital first” organization that provides “world-class” service to taxpayers, and more than half the money will be dedicated to cracking down on big companies and wealthy individuals that evade taxes.