Biden budget would beef up IRS tax enforcement: Yellen

FILE PHOTO: U.S. Treasury Secretary Janet Yellen, the former Federal Reserve chair, holds a news conference in Washington, U.S. December 13, 2017. REUTERS/Jonathan Ernst/File Photo

WASHINGTON (Reuters) – U.S. Treasury Secretary Janet Yellen said on Friday that the Internal Revenue Service budget would increase by $1.2 billion or 10.4% under President Joe Biden’s fiscal 2022 budget request.

Yellen, in a statement, said the $13.2 billion overall IRS budget would include an additional $900 million for tax enforcement in fiscal 2022. The Treasury is seeking to increase revenues by shrinking the “tax gap,” the difference between taxes legally owed and those collected.

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