IRS Plans to Raise $200 Billion in Revenue Over the Next Decade

The Congressional Budget Office (CBO) hopes that revenue will reach up to $200 billion over the next decade. After analyzing a White House proposal to increase spending, the CBO was upbeat. Consequently, the Internal Revenue Service (IRS) expects funding to increase by $80 billion between 2022 and 2031. As a result, this funding will boost revenue.

CBO’s expectations

Meanwhile, the CBO is expecting IRS to prioritize enforcement activities. As a result, this will yield higher returns on average. In addition, they’re hoping that tax cheats will not find new ways to evade enforcement.

But the most significant amount of growth will take place within the first two years. In addition, spending will increase annually. So, by 2031, the proposal would make the IRS budget larger than it w...

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