Unfairness in tax compliance
Washington Round-up By Adrian Smith
Tuesday, June 22, 2021
The Biden Administration’s tax proposals deserve to be scrutinized. Much of the focus, rightfully so, has been on their efforts to raise individual, capital gains, and corporate tax rates. There is also concern over other changes the administration wishes to make to the tax code, such as repealing stepped-up basis when a farm or small business is inherited to force families to pay more taxes. However, it’s the administration’s proposal to spend $80 billion over the next decade expanding the IRS workforce to focus on audit passthrough businesses – impacting the same families targeted by their tax increases – that calls for scrutiny today.