The Biden administration is planning a significant IRS budget increase so that the agency can effectively collect what it is owed. The investment will pay for itself multiple times. The “Tax Gap” now stands at an enormous $1 trillion per year. “Defund the IRS” has been the policy of the decade.
Corporate taxes have been decreasing for the last decades, the result of tax competition between countries, tax havens, as well as corporate tax shenanigans. The finance ministers of the G-7 have now agreed to a global minimum rate of 15%. This is big news, with important consequences.