Biden reportedly wants to use the extra $80 billion to go after high-earners and large corporations.
“the additional money and enforcement power will accompany new disclosure requirements for people who own businesses that are not organized as corporations and for other wealthy people who could be hiding income from the government. The Biden administration will portray those efforts — coupled with new taxes it is proposing on corporations and the rich — as a way to level the tax playing field between typical American workers and very high-earners who employ sophisticated efforts to minimize or avoid taxation.”
The White House believes they can raise an additional $700 billion over the next 10 years by harassing the wealthy and corporations. Of course, what’s not talked about is how many of these wealthy Americans will just renounce their citizenship while some of these corporations go the inversion route.
The administration believes that by expanding the IRS along with increases in the income and capital gains taxes, they can take upwards of $1.5 trillion over the next decade.
He then wants to redistribute that money and put it to universal prekindergarten, a federal paid leave program, efforts to make child care more affordable, free community college for all and tax credits meant to fight poverty.
As Larry Kudlow puts it, Biden simply wants to “weaponize the IRS” just as Obama did.