Elizabeth Warren Floats $31.5 Billion Plan to Pursue Tax Cheats
- Those earning $2 million and more would face bigger fines
- Plan requires banks to report account flows of wealthy clients
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Senator Elizabeth Warren is proposing to nearly triple the Internal Revenue Service’s budget to help identify wealthy individuals who are cheating on their taxes.
The Massachusetts Democrat is proposing to give the IRS a mandatory annual budget of $31.5 billion, up from the $11.9 billion the agency received from Congress for fiscal year 2021. Warren’s legislation would remove the agency’s funding from the annual appropriations process, so that it wouldn’t change based on the year-to-year whims of Congress.