Obama seeks to double tax law enforcement budget
WASHINGTON - President Barack Obama proposed on Thursday nearly doubling funds to enforce U.S. tax laws next year, with an aim of more than quadrupling funding for tax compliance to $2.1 billion within five years.
The budget plan seeks $12.1 billion for the Internal Revenue Service, responsible for collecting and enforcing individual and corporate tax laws in fiscal 2010 that begins October 1.
That amount includes a $890 million request to boost tax enforcement, including in the international arena, an increase of $400 million from 2009.
Earlier this week, Obama unveiled a series of proposals to overhaul mainly corporate tax rules and close loopholes in an effort he said will raise $210 billion over 10 years.
© Copyright Thomson Reuters 2024. All rights reserved.