April 21, 2021

POLITICO Pro Q&A: Sen. Elizabeth Warren on her IRS funding plan

Sen. Elizabeth Warren gave POLITICO Pro Tax some additional details about the IRS funding plan during a recent interview.

Sen. Elizabeth Warren wants to dedicate a mandatory funding stream to enforcement activities at the IRS, specifically aimed at increasing its ability to examine more wealthy Americans and major corporations.

A decade’s worth of funding cuts to the agency and a shrinking workforce led to a corresponding decline in audits across the board, with steep drop-offs in scrutiny of higher-income taxpayers. Warren (D-Mass.) offered some broad descriptions of her plan in a Finance Committee hearing earlier this week with IRS Commissioner Chuck Rettig, who responded enthusiastically. He said mandatory, consistent and adequate multiyear funding would absolutely allow the IRS to plan appropriately, particularly when it comes to hiring.

Warren, who plans to soon roll out legislation to boost IRS funding and set up new third-party reporting requirements for non-wage income, gave POLITICO Pro Tax some additional details during a recent interview.


Read full article here

By:  Aaron Lorenzo
Source: Politico