Senate Finance Committee Chairman Ron Wyden, D-Ore., has outlined five priorities for nearly $80 billion in new IRS funding. Here’s a breakdown of each one.
there's a $600 billion annual"tax gap" between what's owed and collected, which may amount to roughly $7 trillion in lost tax revenue over the next decade.Another priority is to crack down on"hundreds and thousands of shell companies in offshore tax havens" that increase the risk of underreported income, according to the letter.
Wyden encouraged the IRS to develop a"more robust" whistleblower program, to partner with individuals to"unpack sophisticated schemes." He said this program has delivered a"huge return on investment."Wyden also pushed to hire more special agents for the IRS' criminal investigations division, citing a loss of about one-quarter of its workforce since 2010.
The letter comes as the IRS funding continues to be a hot-button issue among critics, with some saying the resources may target everyday Americans."Specifically, I direct that any additional resources — including any new personnel or auditors that are hired — shall not be used to increase the share of small business or households below the $400,000 threshold that are audited relative to historical levels," she wrote.
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