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October 18, 2021

U.S. Voters

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Tax Evasion By Wealthiest Cost U.S. TRILLIONS

1 min read

Ro Khanna joins John Iadarola on The Damage Report to break down the underfunding of the IRS.

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Read more here: https://thehill.com/policy/finance/539385-democrats-offer-bills-to-boost-irs-audits-of-rich-corporations

"House Democrats on Thursday rolled out legislation to boost tax enforcement on wealthy individuals and corporations.

Rep. Ro Khanna (D-Calif.), the deputy whip of the Congressional Progressive Caucus, unveiled a bill that calls for an additional $100 billion in funding for the IRS over 10 years, with $70 billion of that money going to enforcement.

The bill would require the IRS to use the additional enforcement funds to increase audits of the wealthy and corporations. The measure would require the agency to meet targets of auditing 95 percent of corporations with more than $20 billion in assets, 50 percent of individual tax returns with income of more than $10 million, 33 percent of individual tax returns with income of between $5 million and $10 million, and 20 percent of individual tax returns with income between $1 million and $5 million."

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