Rep. Ro Khanna, Silicon Valley’s lawmaker in Congress, on Thursday proposed a bill aimed at bulking up the Internal Revenue Service’s enforcement tools and ability to crack down on tax evasion.
The legislation, if passed, would infuse the IRS with $70 billion between fiscal 2022 and 2031 to help the agency hire additional staff to audit individuals making more than $1 million in total income. Corporations with more than $20 billion in assets would also be prioritized for audits under the plan.
