Biden’s IRS Crackdown Proposal Targets Rich Hiding Income
- Plan would require cryptocurrency exchanges to report to IRS
- Treasury details $700 billion enforcement estimate amid doubts
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The U.S. Treasury Department estimated that wealthy taxpayers as a group are hiding billions of dollars of income, a conclusion that aims to bolster the Biden administration’s call for Congress to approve expanded IRS funding and broad new financial-transaction reporting requirements.
The department detailed in a report Thursday the administration’s proposed measures to raise $700 billion in additional revenue over a decade through Internal Revenue Service enforcement. The release follows criticism from Republican lawmakers and tax analysts that the estimate is unrealistically high.