Biden budget would beef up IRS tax enforcement-Yellen

U.S. Treasury Secretary Janet Yellen said on Friday that the Internal Revenue Service budget would increase by $1.2 billion or 10.4% under President Joe Biden's fiscal 2022 budget request.

Yellen, in a statement, said the $13.2 billion overall IRS budget would include an additional $900 million for tax enforcement in fiscal 2022. The Treasury is seeking to increase revenues by shrinking the "tax gap," the difference between taxes legally owed and those collected.