Posted: Sep 14, 2021 12:01 AM
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Tucked within the Democrats $3.5 trillion tax-and-spend plan is the largest expansion of the Internal Revenue Service in history. If the Left prevails, the agency will hire 87,000 new agents, more than double its current workforce, and receive $80 billion in new funding to audit and harass taxpayers including American families and small businesses.
The left claims that additional IRS funding would help close the so-called “tax gap” by making wealthy people pay the taxes they allegedly don’t pay.
In reality, the wealthy and large corporations already have armies of lawyers and accountants that ensure they legally take advantage of the credits and deductions offered by the tax code.
The IRS already audits the largest corporations at extremely high rates. In 2017, the IRS had just closed or were conducting examinations on 34 percent of the 1,200 largest corporations, according to IRS Statistics of Income (SOI) data.
Given these corporations are publicly traded, it is unlikely that executives would conduct widespread tax