Representative Peter DeFazio (D-OR) wants to double spending on the IRS, which he believes would help collections and service soar.
His new legislation would give the IRS an extra $11.8 billion annually for the next decade on top of existing funding, which amounts to $11.5 billion in the current fiscal year.
The Trump administration has requested $12 billion for the coming year. In return for ratcheting up IRS spending and staffing, DeFazio would mandate much higher audit rates on wealthy taxpayers and high-profit corporations than they presently face. The bill would require audits on half the individuals who earn $100 million or more and on 90 percent of corporations with gross income that exceeds $20 billion, and set additional audit requirements on lower individual and business income thresholds that would also eclipse current levels. The goal is to cut into the amount of taxes that are unpaid but nonetheless legally owed, known as the tax gap, which is officially estimated at $381 billion per year and predicted to grow.
Family Enterprise USA is the organization that represents all family businesses on a national level in DC; it is not unique to any industry. Family Enterprise USA is different from other organizations because it represents and advocates for the families of family businesses and the issues, they face running their businesses every day. Our sole mission and purpose is to promote family businesses and their job growth in America. We also support the work of Family Business Centers across the country. We hope your family will choose to be a member of Family Enterprise USA. Family Enterprise USA is a 501(c)(3) non-profit organization. Family foundations can donate.