Finance

Biden tax plan calls for crackdown on wealthy who hide bulk of income

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President Joe Biden delivers remarks at the Ford Rouge Electric Vehicle Center, in Dearborn, Michigan on May 18, 2021.

Nicholas Kamm | AFP | Getty Images

President Joe Biden is calling for a crackdown on rich taxpayers who avoid taxes by hiding a big chunk of their income from the IRS.

Tax compliance is among the many ways Biden is seeking to raise tax revenue from households earning more than $400,000 a year to fund the American Families Plan. The legislation would boost spending for initiatives like expanded education, child care and paid leave.

Underreported income, largely among the wealthy, is the biggest contributor to the so-called tax gap, according to a Treasury Department report…



Source cnbc.com

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