Biden Reportedly Wants to Give IRS $80B, Increased Authority to Collect Unpaid Taxes

President Joe Biden reportedly wants to give the Internal Revenue Service an additional $80 billion and more authority to help crack down on tax evasion by high-earners and large corporations.

Two people familiar with the plan told The New York Times the president sees the efforts as a way to help pay for his massive economic plan.

Besides the money and increased enforcement power, Biden's proposal includes new disclosure requirements for people who own businesses not organized as corporations, and for other wealthy people who might be hiding income from the government.

Administration officials believe aggressive crackdown on tax avoidance by corporations and the wealthy could raise at least $700 billion on net over 10 years.