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Biden Proposes Crackdown on Tax Evaders, Changes to Capital Gains Tax to Fund American Families Plan

HeadlineApr 28, 2021

The Biden administration is proposing a $1.8 trillion plan to invest in education, healthcare, child care and paid family leave. Biden will unveil the American Families Plan during his first address to Congress this evening. The package would be funded in part through changes to the capital gains tax and a crackdown on tax evasion by the wealthy. Biden is proposing an $80 billion funding increase for the IRS over 10 years to fund that effort. White House officials say the move could generate $700 billion over 10 years. If passed, individuals who earn more than $400,000 a year would face a higher likelihood of an audit on their taxes.

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