Sen. Elizabeth Warren introduces bill to triple IRS budget

May 27, 2021 Carley Shaffer US 0

PHILADELPHIA, PA - JULY 28: Sen. Elizabeth Warren (D-MA) delivers remarks on the fourth day of the Democratic National Convention at the Wells Fargo Center, July 28, 2016 in Philadelphia, Pennsylvania. Democratic presidential candidate Hillary Clinton received the number of votes needed to secure the party's nomination. An estimated 50,000 people are expected in Philadelphia, including hundreds of protesters and members of the media. The four-day Democratic National Convention kicked off July 25. (Photo by Alex Wong/Getty Images)

PHILADELPHIA, PA – JULY 28: Sen. Elizabeth Warren (D-MA). (Photo by Alex Wong/Getty Images)

OAN Newsroom
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.