UPDATED 8:21 PM PT – Wednesday, May 26, 2021
Sen. Elizabeth Warren (D-Mass.) introduced a bill that would triple the budget of the IRS. The Democrat spoke on the legislation Monday which would increase the agency’s budget from around $12 billion to $31.5 billion.
The goal of the “Restoring the IRS Act of 2021” is to stop wealthy tax cheats and close the tax gap. Warren’s bill would require financial institutions to disclose third-party account activity to allow the IRS enhanced taxpayer accountability. The bill would also examine racial and income inequalities in the IRS’s operations.
For too long, the wealthiest Americans and the biggest corporations have been able to use lawyers, accountants, and lobbyists to avoid paying their fair share. My bill gives the IRS the resources they need to go after wealthy tax cheats. https://t.co/zLxP42Kzif
— Elizabeth Warren (@ewarren) May 26, 2021
Republican opponents to the legislation argue more aggressive IRS enforcement would do little to address complicated tax law and may violate the rights of the average taxpayer.