Biden to Seek $80 Billion IRS Boost for High-Earner Audits

The transcript discusses the challenges and debates surrounding IRS budget increases and enforcement, focusing on the concerns of lawmakers about strict IRS actions. It highlights the impact on small businesses and the arguments for fairness and revenue generation through increased enforcement. The discussion also covers capital gains tax and the Biden administration's plans for tax hikes, emphasizing the philosophical and fiscal aspects of these policies.

What is one reason lawmakers are hesitant to increase IRS enforcement?

• They believe the IRS is already too powerful.

• They are concerned about the impact on their constituents.

• They think the IRS budget is sufficient.

• They want to focus on other government agencies.

What is the reported multiplier effect of IRS enforcement spending according to The New York Times?

• $1 spent returns $800 billion

• $1 spent returns $10

• $1 spent returns $2

• $1 spent returns $5

What is a key argument for increasing IRS enforcement despite the costs?

• It will simplify the tax code.

• It will reduce the national debt.

• It will restore fairness and generate more revenue.

• It will create more government jobs.

What percentage of taxpayers are affected by capital gains tax hikes?

• 30%

• 3%

• 0.3%

• 50%

What is the Biden administration's stance on tax increases for wealthy individuals?

• They are undecided.

• They are determined to implement it.

• They are against it.

• They are neutral.