US tax plan proposes massive overhaul to audit high earners and corporations for tax evasion ...Middle East

The Biden administration announced this week that it will seek $80 billion to fund a massive overhaul of how the United States Internal Revenue Service polices the country’s wealthiest taxpayers, after years of deteriorating enforcement at the agency due to budget shortfalls. For decades, rich people and corporations have aggressively lowered their share of the tax burden by constructing increasingly sophisticated means of avoidance and evasion. In a statement released Wednesday, the Treasury Department said that these schemes will cost the government more than $7 trillion in revenue over the next decade if left unchecked. “This massive gap in revenue means policymakers must choose between h

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US tax plan proposes massive overhaul to audit high earners and corporations for tax evasion ...Middle East

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