Something for Biden to brag about — his IRS funding more than pays for itself

President Biden's budget infusion for the Internal Revenue Service (IRS) has resulted in a significant increase in revenue from audits of high-income taxpayers. According to a report by the Treasury Department, the IRS collected $1.4 billion in additional revenue from audits of wealthy individuals and corporations in fiscal year 2021, which is about $6 in revenue for every $1 spent on the increased funding.

The IRS has been underfunded for years, with budget cuts leading to a decline in audit rates and an increase in taxpayer compliance issues. The additional funding provided by Biden's budget allowed the IRS to hire more auditors and improve its technology, which has led to a significant increase in revenue from audits of high-income taxpayers.

The report also notes that the IRS's audit rates have increased since the additional funding was provided. In fiscal year 2021, the IRS conducted audits of about 1.5 million individual tax returns, which is an increase of about 30% from the previous year. The audit rate for corporations also increased, with the IRS conducting audits of about 40,000 corporate tax returns, which is an increase of about 20% from the previous year.

Overall, President Biden's budget infusion for the IRS has proven to be a wise investment, as it has resulted in a significant increase in revenue and improved compliance with the tax code.