May 24, 2021

Bloomberg: Elizabeth Warren Floats $31.5 Billion Plan to Pursue Tax Cheats

Senator Elizabeth Warren is proposing to nearly triple the Internal Revenue Service’s budget to help identify wealthy individuals who are cheating on their taxes.

The Massachusetts Democrat is proposing to give the IRS a mandatory annual budget of $31.5 billion, up from the $11.9 billion the agency received from Congress for fiscal year 2021. Warren’s legislation would remove the agency’s funding from the annual appropriations process, so that it wouldn’t change based on the year-to-year whims of Congress.

“Strengthening the IRS’s ability to go after wealthy tax cheats will not only require more funding, but more stable funding,” Warren said in a summary of the legislation released Monday. “Mandatory funding would provide funding on an ongoing basis, ensuring that the IRS budget is steady, predictable, and sustained -- money that lobbyists can’t easily strip away.”


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By:  Laura Davison
Source: Bloomberg